Indiabulls

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

Founded in 2000 as a stockbroking firm, the group underwent several major restructurings between 2006 and 2024, spinning off its real estate, power, and primary housing finance divisions into separate, independent entities. In 2022, the company faced regulatory scrutiny and a monetary penalty from the Reserve Bank of India (RBI) following a widespread identity theft vulnerability involving its Dhani lending platform. In 2025, following a merger of its remaining subsidiaries, the core entity was consolidated as Indiabulls Limited.

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]

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.[19][20]

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.[21][22]

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).[23]
• Indiabulls Enterprises – Includes infrastructure and equipment leasing (Store One) and Indiabulls LED.[24][25]

External links