Choice Group has acquired the entire mutual fund distribution business of Centcart Money Services Private Ltd for an undisclosed amount to augment the position of its mutual fund platform Investica.
The acquisition deal was inked through its subsidiary Choice Wealth Private Ltd.
“The fragmented mutual fund distribution business is in a consolidation mode and we are looking forward to further inorganic growth. Moreover, despite there being a surge in the number of mutual fund investors, the market penetration is still very low and there remains a lot of untapped potentials,” said Kamal Poddar, the managing director of Choice Group.
In October last year, Mumbai-based Choice group had acquired the mutual fund distribution business of Bank Bazaar in an all-cash deal.
“This sale will enable CentCart Money to focus on our core NBFC (non-banking financial company) business and consolidate our line of activity,” said Brijesh Parnami, founder and chief executive officer of CentCart Money.
Users of CentCart can now access the research tools available on Investica, a mutual fund investment platform.
