MUMBAI:
Ribbit
Capital, the San Francisco-based technology investor that funded Robinhood, whose lockdown-induced online stock trading clients are now famously nicknamed ‘Robinhood traders’, is leading a Rs 588-crore stake buy in
Indiabulls Ventures
.
In India, Ribbit already has stakes in online investment platform Groww and payment solutions company BharatPe.
Indiabulls
Ventures is the listed fintech company on which the erstwhile promoters of
Indiabulls Housing Finance
are now focusing on to grow their businesses.
Along with Ribbit, which is investing Rs 184 crore in Indiabulls Ventures, other investors buying stakes include New York-based NWI Emerging Market Fixed Income Master Fund (Rs 147 crore), NYSE-listed Inteligo Bank (Rs 73.5 crore), US-based First Royalty Ventures (Rs 73.5 crore) and two funds from Think Investments group (Rs 110 crore together), also based in San Francisco.
Indiabulls Ventures is issuing 3.36 crore shares on a preferential basis to these funds, at a price of Rs 175 per share. This will lead to 5.5% dilution in equity capital, it said in a stock exchange disclosure.
The company also announced that Sameer Gehlaut, who recently stepped down as the chairman of Indiabulls Housing Finance, has been re-designated as chairman & CEO of the company. Divyesh Shah, who was till recently the CEO, has been re-designated as COO of the company, it said.
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