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Indiabulls

Indiabulls Limited is an Indian publicly listed company headquartered in Gurgaon, with operations in real estate development, financial services, and construction equipment leasing. The company was formed in its current structure on 14 October 2025, following a National Company Law Tribunal (NCLT)-approved scheme of arrangement that merged 17 entities — including Dhani Services Limited and Indiabulls Enterprises Limited — into the formerly listed Yaari Digital Integrated Services Limited, which was subsequently renamed Indiabulls Limited.[3][4][5]

Indiabulls Limited
TypePublic
IndustryConglomerate
Founded24 July 2007[1]
HeadquartersIndiabulls House, Udyog Vihar, Gurgaon, Haryana, India,
Key people
Mr. Sameer Gehlaut (Promoter), Mr Gurbans Singh (Executive Chairman), Mr Divyesh Shah (Executive Director)
ServicesReal Estate
Financial services
Construction Equipment leasing
RevenueRs 462.4 cr[2]
Websitewww.indiabulls.com
Old logo of Indiabulls

History

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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.[6][7] Indiabulls Financial Services subsequently set up subsidiaries in stockbroking, consumer finance, housing finance and real estate, among others.[8]

In 2004, Indiabulls Financial Services became a publicly-listed company after its initial public offering.[9] Indiabulls Real Estate was demerged from the company in 2006,[10] and Indiabulls Securities in 2008.[11]

In 2013, Indiabulls Financial Services reverse merged with its wholly owned subsidiary, Indiabulls Housing Finance, to form the flagship company of the group.[12]

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).[13]

By 2017, Indiabulls Housing Finance had become the second-largest housing finance company in India[14] and was included in the NIFTY 50 benchmark index.[15] 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.[16]

In 2020, the group announced that it would exit Indiabulls Real Estate in a merger deal with Embassy Group entities.[17] Sameer Gehlaut stepped down as the chairman of Indiabulls Housing Finance in 2020[18] and ceased to be its promoter in 2023.[19] In July 2024, Indiabulls Housing Finance was renamed as Sammaan Capital, while Indiabulls Real Estate was renamed as Equinox India Developments.[20]

In 2025, Dhani Services Limited and Indiabulls Enterprises Limited were merged into Yaari Digital Integrated Services Limited, which was subsequently renamed Indiabulls Limited.[21][22]

Group companies

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Indiabulls Limited, which was created in 2025 as a result of the merger of:

  • Dhani Services (formerly Indiabulls Ventures or Indiabulls Securities)[23]
  • Indiabulls Enterprises (including Indiabulls Store One[24] and Indiabulls LED[25])
  • Yaari Digital Integrated Services (formerly Indiabulls Integrated Services or Indiabulls Wholesale Services)[26]
  • Indiabulls Asset Reconstruction Company Limited
  • TranServ Limited

Real estate development

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The company is engaged in developing residential and commercial projects across Mumbai,[27] the National Capital Region (NCR), and Ludhiana.

In 2026, the company entered into a joint venture with a private land-owning entity for the development of a premium commercial project on approximately 2.38 acres of land located in Sector 103, Gurgaon, along the Dwarka Expressway.[28]

Their real estate segment maintains a development pipeline of 140.65 lakh square feet across owned and joint venture projects.[29]

Financial Services

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

Stock Broking

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Indiabulls Securities Limited, a wholly owned subsidiary, provides equity, commodity, and currency broking services along with depository participant services.[30]

Asset Reconstruction (ARC)

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The ARC business acquires stressed asset portfolios from banks and NBFCs. Total assets under collection stand at approximately ₹3,800 crore.[31]

Digital Payments (UPI/Wallet)

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The company operates a digital wallet (Dhani Pay) and is transitioning to TPAP-enabled UPI services, with regulatory certification underway.[32]

SMB Platform (Spring Cash)

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Indiabulls Limited holds a 16.4% stake in Spring Cash LLC, USA, a small and medium business lending platform.[33]

NBFC

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Dhani Loans and Services Limited, a subsidiary, operates as a non-banking financial company offering personal loans, small business loans and credit line products to retail consumers and small businesses through digital platforms.[34]

References

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  1. ↑ "Indiabulls Limited - Company Profile". Retrieved 26 April 2026.
  2. ↑ "Indiabulls NSE Report" (PDF). Indiabulls.
  3. ↑ "Dhani to Merge with Yaari Digital on Oct 28". HDFC Sky.
  4. ↑ "Indiabulls Limited Confirms No Deviation in Fund Utilization Post-Merger - TipRanks.com". TipRanks Financial. TipRanks.
  5. ↑ "Indiabulls set to launch operations in Gulf countries". The Economic Times. 13 June 2013. Retrieved 19 April 2024.
  6. ↑ "Ransomware allegedly hits Indiabulls Group: Cyble". The Economic Times. Archived from the original on 17 November 2020. Retrieved 22 August 2020.
  7. ↑ "The Rs 29,000-crore surprise". Business Today. 4 October 2007. Retrieved 2 August 2023.
  8. ↑ "Indiabulls set for revamp". The Times of India. 5 February 2007. Retrieved 2 August 2023.
  9. ↑ "Indiabulls IPO at Rs 19". The Telegraph. Retrieved 2 August 2023.
  10. ↑ "Indiabulls to demerge its real estate business". The Economic Times. 2 May 2006. Retrieved 2 August 2023.
  11. ↑ "Indiabulls Financial slips on hiving off securities biz". The Economic Times. 1 January 2008. Retrieved 2 August 2023.
  12. ↑ "Indiabulls Financial Services completes reverse merger". Business Standard. Retrieved 2 August 2023.
  13. ↑ "Indiabulls' three promoters split Rs 8.8k cr group". The Times of India. 10 July 2014. Retrieved 2 August 2023.
  14. ↑ "Indiabulls HF appoints Mundra as a director". The Hindu. 19 August 2018. Retrieved 8 September 2023.
  15. ↑ "IOC, IBHFL to replace Idea, BHEL in NSE Nifty50 from March 31". Business Standard. Retrieved 8 September 2023.
  16. ↑ "Indiabulls Housing: Sameer Gehlaut Sells Half His Stake, Plans on Exiting the Board by Fiscal End". The Wire. Retrieved 8 September 2023.
  17. ↑ Priolker, Ashwini (18 August 2020). "Indiabulls Real Estate Approves Share-Swap Ratio For Merger With Embassy Group". BQ Prime. Retrieved 9 September 2023.
  18. ↑ "Gehlaut steps down as chief of Indiabulls Housing Finance". The Times of India. 13 August 2020. Retrieved 10 September 2023.
  19. ↑ "Exchanges approve reclassification of Indiabulls Housing promoter Sameer Gehlaut to public". CNBC TV18. 23 February 2023. Retrieved 10 September 2023.
  20. ↑ Jayaraj, Prajwal (3 July 2024). "Indiabulls Real Estate To Be Renamed As Equinox India Developments". NDTV Profit. Retrieved 22 October 2024.
  21. ↑ "Dhani to Merge with Yaari Digital on Oct 28". HDFC Sky.
  22. ↑ "Yaari Digital Integrated Services Completes Major Merger Scheme, Rebrands as Indiabulls Limited". scanx.trade.
  23. ↑ "Indiabulls Ventures' subsidiary launches mobile application 'Dhani App'". Business Standard News. Archived from the original on 12 February 2019. Retrieved 11 February 2019.
  24. ↑ "SORIL Infra Resources History". The Economic Times. Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  25. ↑ Sapam, Bidya (25 May 2017). "Indiabulls Group enters LED lighting business". mint. Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  26. ↑ "Sebi exempts Sameer Gehlaut IIS Trust from open offer obligation". The Financial Express. 19 March 2021. Archived from the original on 22 November 2021. Retrieved 22 November 2021.
  27. ↑ "Indiabulls Park by Indiabulls - Project Details". Retrieved 26 April 2026.
  28. ↑ "Indiabulls enters into JV for development of commercial project in Gurgaon". Retrieved 26 April 2026.
  29. ↑ "Indiabulls Limited announces Q3 FY26 results following completion of corporate restructuring". Retrieved 26 April 2026.
  30. ↑ Acharya, Bhuma Shrivastava, Nupur (18 August 2017). "Indiabulls Ventures is world's top stock with nearly 900% gain". mint.{{cite web}}: CS1 maint: multiple names: authors list (link)
  31. ↑ Mascarenhas, Rajesh (22 May 2017). "Indiabulls Asset Reconstructions gets RBI licence, to launch Ops". The Economic Times.
  32. ↑ "Indiabulls-owned Dhani app disburses loans on PANs not belonging to borrowers". The Times of India. 15 February 2022.
  33. ↑ Smith, George (8 April 2026). "GB Bank funded US lender backed by its owner 'on arm's length basis'". GlobalCapital Securitization.
  34. ↑ "What Is Dhani Services? A Complete Overview Of The Fintech Company Transforming Digital Finance In India - Business Connect Magazine". Businessconnectindia.in/. 30 October 2025.
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