Groww has never been shy about its ambition of becoming more than a broking app. Its latest deal with State Street Investment Management (SSIM) suggests that its ambition is now shifting from treating asset management as an adjacent offering to making it a core pillar of its business.
Nearly three years after its foray into the mutual fund business, Groww is selling a 23% stake in its asset management arm, Groww AMC, to SSIM for INR 580.02 Cr through a mix of primary and secondary capital.
The significance of the transaction lies less in…

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