CAM assists Groww in Indiabulls fund business purchase

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Cyril Amarchand Mangaldas (CAM) assists Groww in Indiabulls fund business purchase

Cyril Amarchand Mangaldas (CAM) advised Nextbillion Technology, which operates as Groww, on its INR1.75 billion (USD23.9 million) acquisition of Indiabulls Housing Finance’s mutual fund business, which comprises Indiabulls Asset Management Company and Indiabulls Trustee Company.

Kaushik Mukherjee, president of legal at Indiabulls Housing Finance, and Narayan Kedia, vice president of legal at Indiabulls Group, advised Indiabulls Housing Finance.

CAM said the deal, which was signed on 10 May, was a first for India under the Securities and Exchange Board of India’s “new sponsor eligibility criteria for mutual funds”.

CAM’s team was led by partner Anu Tiwari, and comprised partners Anindita Bhowmik and Ankita Ray, principal associate-designate Ritu Sajnani, senior associates Sushim Aryan and Utkarsh Bhatnagar, and associates Aditya Sarkar and Karthik Koragal.

The deal is expected to close by 30 June 2022. Groww, which acquired unicorn status in April after raising USD83 million in a series D funding round, is backed by Tiger Global, Sequoia Capital India, Y Combinator and Ribbit Capital, among others.