In middle of 1999, when e-commerce was just about starting in India, Sameer Gehlaut bought a defunct securities company with a NSE membership and started offering brokerage services. By December 1999, the company embarked on its journey to build one of the first online platforms in India for offering internet brokerage services. In January 2000, Indiabulls Financial Services was incorporated as the flagship company.
In late 2000, Indiabulls Securities, a subsidiary of Indiabulls Financial Services started offering online brokerage services and simultaneously opened physical offices across India. By 2003, Indiabulls securities had established a strong pan India presence and client base through its offices and on the internet.
In September 2004, Indiabulls Financial Services went public with an IPO at Rs.19 a share. In late 2004, Indiabulls Financial Services started it's financing business with consumer loans. In March 2005, Indiabulls Properties Private Ltd, a subsidiary of Indiabulls Financial Services, participated in government auction of Jupiter Mills, a defunct 11 acre textile mill owned by NTC in Lower Parel, Mumbai. Indiabulls Properties Private Ltd. won the mill in auction and that purchase started Indiabulls Real Estate business. A few months later, Indiabulls Real Estate Company Pvt. Ltd. bought Elphinstone Mill in Lower Parel, another textile mill auctioned by NTC.