Indian funding agency Religare Enterprises has agreed to purchase MyInsuranceClub (MIC), an online aggregator of Indian Specific Group, new company PTI reported.
The funding agency has signed an all-cash take care of IGear Holdings as a part of its technique to enter insurance coverage area.
Monetary and different phrases of the acquisition haven’t been made public by the businesses.
MIC is an insurance coverage comparability and distribution platform permitted by Insurance coverage Regulatory and Improvement Authority of India (IRDAI).
It affords companies that examine the very best insurance coverage merchandise all through the nation.
Religare Enterprises government chairperson Rashmi Saluja stated: “We’re delighted to onboard MIC as a crucial phase of our monetary companies enterprise put up all regulatory approvals.
“With the proposed acquisition, the Religare Group will strengthen its insurance coverage choices, making them obtainable to the lots. The transition of MIC is not going to solely propel the corporate into the following progress part however may also show to be a step in direction of digital evolution.”
By means of this deal, the corporate goals to develop into a whole built-in monetary companies agency.
The Indian Specific Group government director Anant Goenka stated: “The enterprise of MIC is aligned with choices of the Religare Group. Therefore, it’s our perception that Religare can be an ideal dwelling for this enterprise.
“The group’s administration and its charismatic management, its expertise within the monetary companies area, and the expansion technique make the proposed acquisition an ideal transfer in direction of a brand new starting.”
In September final 12 months, stories emerged that Religare is seeking to elevate INR3bn ($37.64m) by way of rights subject to assist its medical insurance enterprise.
