Indian funding agency Religare Enterprises has agreed to purchase MyInsuranceClub (MIC), an internet 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 accredited by Insurance coverage Regulatory and Improvement Authority of India (IRDAI).

It gives companies that examine one of the best insurance coverage merchandise all through the nation.

Religare Enterprises government chairperson Rashmi Saluja mentioned: “We’re delighted to onboard MIC as a essential section of our monetary companies 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 is not going to solely propel the corporate into the subsequent development section however may also show to be a step in direction of digital evolution.”

By means of this deal, the corporate goals to grow to be an entire built-in monetary companies agency.

The Indian Specific Group government director Anant Goenka mentioned: “The enterprise of MIC is aligned with choices of the Religare Group. Therefore, it’s our perception that Religare shall be an ideal residence 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 yr, experiences emerged that Religare is trying to increase INR3bn ($37.64m) by way of rights difficulty to help its medical insurance enterprise.