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 cope with 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 authorized by Insurance coverage Regulatory and Growth Authority of India (IRDAI).
It provides providers that examine one of the best insurance coverage merchandise all through the nation.
Religare Enterprises government chairperson Rashmi Saluja stated: “We’re delighted to onboard MIC as a essential phase of our monetary providers enterprise submit all regulatory approvals.
“With the proposed acquisition, the Religare Group will strengthen its insurance coverage choices, making them out there to the plenty. The transition of MIC won’t solely propel the corporate into the following development part however can even show to be a step in direction of digital evolution.”
By means of this deal, the corporate goals to grow to be a whole built-in monetary providers 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 will likely be an ideal residence for this enterprise.
“The group’s administration and its charismatic management, its expertise within the monetary providers area, and the expansion technique make the proposed acquisition an ideal transfer in direction of a brand new starting.”
In September final 12 months, studies emerged that Religare is seeking to increase INR3bn ($37.64m) through rights situation to help its medical health insurance enterprise.