Religare acquires MyInsuranceClub in all-cash deal, eyes expansion in financial services business
- ByStartupStory | April 8, 2023
“We are delighted to onboard MIC as a key segment of our financial services business post all regulatory approvals….,”Religare Enterprises Executive Chairperson Rashmi Saluja said.
Religare Enterprises, a provider of financial services, announced on Wednesday that it would purchase MyInsuranceClub, an insurance web aggregator owned by Indian Express Group, in an all-cash deal.
A share purchase agreement for the proposed acquisition of MyInsuranceClub (MIC) from iGear Holdings Private Limited, a subsidiary of The Indian Express Group, was signed, according to a statement from the company.
According to Religare Group, the proposed acquisition, which is pending regulatory approval, is consistent with the group’s strategy to accelerate the expansion of the insurance industry and establish itself as a more powerful player.
MIC is the first online insurance distribution and comparison platform to receive Irdai approval. By providing a comparison of the top insurance options available throughout India, it aids customers.
“We are delighted to onboard MIC as a key segment of our financial services business post all regulatory approvals.
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