State Street Investment Management has reached an agreement to purchase a 23% stake in Groww Asset Management (Groww AMC) for up to Rs5.8bn ($64.2m).
Groww AMC is the asset management subsidiary of Billionbrains Garage Ventures (GROWW).
Bloomberg previously reported on State Street’s intention to invest in an Indian mutual fund business.
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Groww has approved the relevant agreements with State Street Global Advisors, which set out the conditions for this investment.
If completed, the transaction will see State Street strengthen its position in the Indian asset management sector, with the potential to introduce India-based investment options to its global customer base.
The move is in line with State Street Investment Management’s recent equity transactions and collaborations aimed at expanding its investor reach and product capabilities.
State Street Investment Management CEO Yie-Hsin Hung said: “Groww AMC is at the forefront of this transformation, making investment exposures accessible to millions of individuals and capturing a significant share of the growing domestic wealth market.
“Our partnership with Groww AMC allows us to participate directly in the growth of India’s domestic asset management market, deliver a range of investment exposures to a broader population, and build a pipeline of Indian exposures for global distribution.”
The deal awaits final regulatory approvals before it can proceed.
Groww COO and co-founder Harsh Jain said: “State Street Investment Management is one of the world’s largest asset managers, and we are delighted to welcome them as an investor and strategic partner in Groww AMC.
“This partnership will enable us to bring global best practices and sophisticated investment products to Indian investors, strengthening our long-term commitment to building a world-class asset management platform in India.”
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