Indiabulls

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. Indiabulls Financial Services subsequently set up subsidiaries in stockbroking, consumer finance, housing finance and real estate, among others.

In 2004, Indiabulls Financial Services became a publicly-listed company after its initial public offering. Indiabulls Real Estate was demerged from the company in 2006, and Indiabulls Securities in 2008.

In 2013, Indiabulls Financial Services reverse merged with its wholly owned subsidiary, Indiabulls Housing Finance, to form the flagship company of the group.

In 2014, the group was split between the three promoters with Sameer Gehlaut retaining management control over Indiabulls Housing Finance, Indiabulls Real Estate, Indiabulls Securities and Indiabulls Wholesale Services, while Rajiv Rattan and Saurabh Mittal obtained control of Indiabulls Power (renamed RattanIndia Power) and Indiabulls Infrastructure (renamed RattanIndia Infrastructure).

By 2017, Indiabulls Housing Finance had become the second-largest housing finance company in India and was included in the NIFTY 50 benchmark index. However, between late 2018 and 2019, its shares and bonds experienced a sharp decline in value due to a credit market crisis triggered by the collapse of IL&FS, the company's shrinking balance sheet, allegations of fraud by group promoters, and a proposed merger with the beleaguered Lakshmi Vilas Bank, which fell through.

In 2020, the group announced that it would exit Indiabulls Real Estate in a merger deal with Embassy Group entities. Sameer Gehlaut stepped down as the chairman of Indiabulls Housing Finance in 2020 and ceased to be its promoter in 2023. In July 2024, Indiabulls Housing Finance was renamed as Sammaan Capital, while Indiabulls Real Estate was renamed as Equinox India Developments.

In 2025, Dhani Services Limited and Indiabulls Enterprises Limited were merged into Yaari Digital Integrated Services Limited, which was subsequently renamed Indiabulls Limited.

The financial services vertical is operated through the company’s subsidiaries and includes:

Stock Broking

Indiabulls Securities Limited, a wholly owned subsidiary, provides equity, commodity, and currency broking services along with depository participant services.

Asset Reconstruction (ARC)

The ARC business acquires stressed asset portfolios from banks and NBFCs. Total assets under collection stand at approximately ₹3,800 crore.

Digital Payments (UPI/Wallet)

The company operates a digital wallet (Dhani Pay) and is transitioning to TPAP-enabled UPI services, with regulatory certification underway.