Chennai: Religare Enterprises Limited (REL), in its quest to democratize the insurance business in the country and expand its offerings into the insurance distribution space, has signed a Share Purchase Agreement for the proposed acquisition of MyInsuranceClub (MIC) (www.myinsuranceclub.com), an insurance web aggregator, from iGear Holdings Private Limited, part of The Indian Express Group. Announcing this on Wednesday, Religare Group said that the proposed acquisition, which is subject to regulatory approvals, is in line with the Group’s strategy to further the growth of the insurance business and emerge as a stronger insurance player.
REL, a Core Investment Company (CIC), is a diversified financial services company. It offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking.
MIC is the first IRDAI-approved web insurance distribution and comparison platform. It helps customers by offering a comparison of the best insurance products available across India. The proposed acquisition will be a crucial step for Religare Group in its vision to become a 360-degree financial services conglomerate. Commenting on the proposed acquisition, Dr Rashmi Saluja, Executive Chairperson of Religare Enterprises, said, “Religare Group has been seeding new businesses through disruption, technology intervention, capital infusion and introduction of a good corporate governance framework. Under the strategy, we are delighted to onboard MIC as a key segment of our financial services business post all regulatory approvals. With this proposed acquisition, the Religare Group will strengthen its insurance offerings, making them available. The transition of MIC will not only propel the company into the next growth phase but will also prove to be a step towards digital evolution.”
Commenting on the transaction Mr Anant Goenka, Executive Director of The Indian Express Group, said, “The business of MIC is aligned with offerings of the Religare Group. Hence, it is our belief that Religare will be a perfect home for this business. The Group’s management and its charismatic leadership, its experience in the financial services space, and the growth strategy make the proposed acquisition a perfect move towards a new beginning.”
About Religare Enterprises Limited
Religare Enterprises Limited (REL), a Core Investment Company (CIC) registered with the Reserve Bank of India (RBI), is a diversified financial services company. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking. REL is listed on the BSE (Bombay Stock Exchange) and National Stock Exchange (NSE) in India. The Religare Group (REL & subsidiaries) reaches over 1 million policyholders in the insurance business, 1 million plus broking customers, more than 26,000 customers in MSME finance and over 10,000 customers in affordable housing finance. The Group employs more than 11,000 professionals servicing this diversified customer base in over 1,000 locations across India. www.religare.com
About MyInsuranceClub
MIC is the first IRDAI-approved web insurance distribution and comparison platform. It is the country’s first insurance web aggregator and distribution platform. It helps customers by offering a comparison of the best insurance products available across India. The platform provides quotes, compares multiple product offerings and assists customers in choosing the right insurance product in a few clicks. www.myinsuranceclub.com
