Indiabulls

Indiabulls Limited
Company type
Public
Key people
  • Sameer Gehlaut (Promoter)
  • Gurbans Singh (Executive Chairman)
  • Divyesh Shah (Executive Director)
Services
Websitewww.indiabulls.com

The Indiabulls Group is an Indian conglomerate headquartered in Gurgaon, whose primary businesses are financial services, construction-equipment rentals, and LED lighting.[1][2]

History

Indiabulls was started in 2000 with the establishment of Indiabulls Financial Services, a stockbroking firm co-founded by three IIT Delhi graduates–Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal.[3][4] The firm subsequently set up subsidiaries in consumer finance, housing finance, and real estate.[5]

In 2004, Indiabulls Financial Services completed its initial public offering.[6] The group subsequently underwent multiple restructurings; Indiabulls Real Estate was demerged in 2006,[7] followed by Indiabulls Securities in 2008.[8] In 2013, Indiabulls Financial Services reverse merged with Indiabulls Housing Finance.[9]

In 2014, the group was split between the three promoters. Sameer Gehlaut retained management control over Indiabulls Housing Finance, Real Estate, Securities, and Wholesale Services. Rajiv Rattan and Saurabh Mittal obtained control of Indiabulls Power and Indiabulls Infrastructure, which were subsequently rebranded under the RattanIndia name.[10]

By 2017, Indiabulls Housing Finance was included in the NIFTY 50 benchmark index.[11] Between 2018 and 2019, the company's shares experienced a significant decline in value amid a broader credit market crisis following the collapse of IL&FS, alongside allegations of financial irregularities by group promoters and an unsuccessful merger attempt with Lakshmi Vilas Bank.[12]

In 2020, the group announced it would exit Indiabulls Real Estate via a merger with Embassy Group entities.[13] Sameer Gehlaut stepped down as chairman of Indiabulls Housing Finance that same year,[14] and ceased to be its promoter in 2023.[15] In July 2024, Indiabulls Housing Finance rebranded as Sammaan Capital, and Indiabulls Real Estate rebranded as Equinox India Developments.[16]

In 2025, Dhani Services Limited and Indiabulls Enterprises Limited merged into Yaari Digital Integrated Services Limited, which subsequently rebranded as Indiabulls Limited.[17][18]

Divisions and former subsidiaries

Following a major corporate consolidation in 2025, several formerly independent entities were merged into Indiabulls Limited. The company's current operations encompass the brands and services of these merged entities:

  • Dhani Services – A digital healthcare and finance platform (formerly known as Indiabulls Ventures and Indiabulls Securities).[19]
  • Indiabulls Enterprises – Includes infrastructure and equipment leasing (Store One) and Indiabulls LED.[20][21]

Regulatory actions and controversies

In early 2022, Dhani Services, a subsidiary of the group, was implicated in a widespread identity theft vulnerability. Due to a flaw in the Dhani app's Know Your Customer (KYC) verification process, fraudsters used the Permanent Account Numbers (PAN) of unaffiliated individuals to take out loans. Consequently, thousands of non-users had their CIBIL credit scores negatively impacted when the fraudulent loans defaulted, and many faced aggressive recovery tactics from collection agents for loans they never applied for.[22][23]

Following investigations into these KYC lapses, in September 2022, the Reserve Bank of India (RBI) imposed a monetary penalty of ₹12.35 lakh on the group's subsidiary, Indiabulls Commercial Credit Limited, for failing to adhere to mandatory customer identification directives.[24][25]

Former group companies

Several major subsidiaries were spun off into independent entities or acquired by third parties between 2014 and 2024:

  • Sammaan Capital – Formerly Indiabulls Housing Finance (rebranded in 2024).[26]
  • Equinox India Developments – Formerly Indiabulls Real Estate (rebranded in 2024).
  • Groww AMC – Formerly Indiabulls AMC (acquired and rebranded in 2023).[27]
  • RattanIndia Power – Formerly Indiabulls Power (spun off in 2014).
  • RattanIndia Infrastructure – Formerly Indiabulls Infrastructure (spun off in 2014).

References

  1. ^ Karthik, Hamsini (2 October 2023). "Indiabulls to be renamed as Samman Capital; will let go HFC tag and operate as NBFC". BusinessLine. Retrieved 19 April 2024.
  2. ^ "Indiabulls set to launch operations in Gulf countries". The Economic Times. 13 June 2013. Retrieved 19 April 2024.
  3. ^ "Ransomware allegedly hits Indiabulls Group: Cyble". The Economic Times. Archived from the original on 17 November 2020. Retrieved 22 August 2020.
  4. ^ "The Rs 29,000-crore surprise". Business Today. 4 October 2007. Retrieved 2 August 2023.
  5. ^ "Indiabulls set for revamp". The Times of India. 5 February 2007. Retrieved 2 August 2023.
  6. ^ "Indiabulls IPO at Rs 19". The Telegraph. Retrieved 2 August 2023.
  7. ^ "Indiabulls to demerge its real estate business". The Economic Times. 2 May 2006. Retrieved 2 August 2023.
  8. ^ "Indiabulls Financial slips on hiving off securities biz". The Economic Times. 1 January 2008. Retrieved 2 August 2023.
  9. ^ "Indiabulls Financial Services completes reverse merger". Business Standard. Retrieved 2 August 2023.
  10. ^ "Indiabulls' three promoters split Rs 8.8k cr group". The Times of India. 10 July 2014. Retrieved 2 August 2023.
  11. ^ "IOC, IBHFL to replace Idea, BHEL in NSE Nifty50 from March 31". Business Standard. Retrieved 8 September 2023.
  12. ^ "Indiabulls Housing: Sameer Gehlaut Sells Half His Stake, Plans on Exiting the Board by Fiscal End". The Wire. Retrieved 8 September 2023.
  13. ^ Priolker, Ashwini (18 August 2020). "Indiabulls Real Estate Approves Share-Swap Ratio For Merger With Embassy Group". BQ Prime. Retrieved 9 September 2023.
  14. ^ "Gehlaut steps down as chief of Indiabulls Housing Finance". The Times of India. 13 August 2020. Retrieved 10 September 2023.
  15. ^ "Exchanges approve reclassification of Indiabulls Housing promoter Sameer Gehlaut to public". CNBC TV18. 23 February 2023. Retrieved 10 September 2023.
  16. ^ Jayaraj, Prajwal (3 July 2024). "Indiabulls Real Estate To Be Renamed As Equinox India Developments". NDTV Profit. Retrieved 22 October 2024.
  17. ^ "Dhani to Merge with Yaari Digital on Oct 28". HDFC Sky.
  18. ^ "Yaari Digital Integrated Services Completes Major Merger Scheme, Rebrands as Indiabulls Limited". scanx.trade.
  19. ^ "Indiabulls Ventures' subsidiary launches mobile application 'Dhani App'". Business Standard News. Archived from the original on 12 February 2019. Retrieved 11 February 2019.
  20. ^ "SORIL Infra Resources History". The Economic Times. Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  21. ^ Sapam, Bidya (25 May 2017). "Indiabulls Group enters LED lighting business". Mint. Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  22. ^ Unnikrishnan, Dinesh (17 February 2022). "Explainer | How Dhani fake loan episode exposes big holes in digital lending". Moneycontrol. Archived from the original on 17 February 2022. Retrieved 19 April 2026.
  23. ^ Hariharan, Sindhu (15 February 2022). "Indiabulls-owned Dhani app disburses loans on PANs not belonging to borrowers". The Times of India. Archived from the original on 15 February 2022. Retrieved 19 April 2026.
  24. ^ "RBI imposes penalties on 3 entities for non-compliance". The Times of India. 9 September 2022. Archived from the original on 9 September 2022. Retrieved 19 April 2026.
  25. ^ "RBI Fines Indiabulls Commercial Credit Limited For Non-Compliance". BW Businessworld. 10 September 2022. Archived from the original on 10 September 2022. Retrieved 19 April 2026.
  26. ^ "Indiabulls Housing Finance rebrands themselves as Sammaan Capital". CNBC TV18.
  27. ^ "Indiabulls Mutual Fund to become Groww MF soon: Here's all you need to know". CNBC TV18. 21 March 2023. Retrieved 22 October 2024.
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