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Former Flipkart Cofounder Sachin Bansal Acquire DHFL General Insurance

10Jan By NitishNo Comments

ACQUISITION

Former Flipkart Cofounder Sachin Bansal Acquire DHFL General Insurance

Sachin Bansal-led Navi Technologies will acquire DHFL General Insurance Ltd (DHFLGI) for 100 crores Indian rupees. DHFLGI, Wadhawan Global Capital Ltd and Navi Technologies had entered into a share purchase agreement dated January 2, 2020, for the transaction, according to a notice in a newspaper. "...the acquirer (Navi) proposes to acquire 19,00,50,000 equity shares representing 100 per cent of the paid-up equity share capital of the company (DHFLGI) from the seller by way of secondary transfer of shares," it added. The notice said DHFLGI has made an application to the Insurance Regulatory and Development Authority of India (IRDAI) seeking its approval for the proposed transaction. It added that the proposed transaction is scheduled to be consummated after the expiry of 15 da...

Digital insurance platform RenewBuy.com raises $19 million

2Jul By NitishNo Comments

FUNDING

Digital insurance platform RenewBuy.com raises $19 million

Digital insurance platform RenewBuy.com raises $19 million in a funding round led by Lok Capital and IIFL AMC. RenewBuy's existing investor Amicus Capital also participated in the Series B round of funding. The investment will enable the company to increase its footprint to 1,000 cities, augment product portfolio, and insure 10 million customers by 2022, a company release said. "It will also accelerate our entry into newer geographies and augment our product portfolio to meet India's immense unmet insurance demand. Our competitive advantage of being a capital efficient business model will enable us to turn profitable within next 24 months while retaining our explosive growth," RenewBuy.com CEO Balachander Sekhar said. With a network of over 25,000 Point of Sale (POS) partners o...

BlackRock acquires eFront in $1.3 billion Cash

25Mar By AdityaNo Comments

ACQUISITION

BlackRock acquires eFront in $1.3 billion Cash

NEW YORK & PARIS- BlackRock today announced that it has made a binding offer and entered into an exclusive agreement, subject to the conditions below, to acquire 100% of the equity interests in eFront, the world’s leading end-to-end alternative investment management software and solutions provider, from private equity firm Bridgepoint and eFront employees, for $1.3 billion in cash. The combination of eFront with Aladdin, BlackRock’s investment operating platform used by more than 225 institutions around the world, will set a new standard in investment and risk management technology. eFront, which serves more than 700 clients in 48 countries, is a comprehensive technology solution for managing the alternatives investment lifecycle, from due diligence and portfolio planning to pe...

14Mar By AnkitaNo Comments

FUNDING

Acko raises USD 65 mn from Investors

Acko on Wednesday said it has raised USD 65 million from investors, including Flipkart co-founder Binny Bansal. The round of funding also saw participation from existing investors such as Amazon, Accel, SAIF and TechPro Ventures, the company said in a statement. Founded in 2016, Acko General Insurance claims to be the country's first digital native insurer, offers an intuitive purchase experience, cheaper prices and stress-free claims. The company uses a direct-to-consumer approach for distributing motor insurance, allowing for favourable risk selection and superior underwriting. Earlier, the company raised its largest seed rounds of $30 million. Founded by Varun Dua in 2016, Acko completed 12 months of operations and distributed over 20 million insurance policies to customers...

Insurance Startup Bright Health Secures $200 million in Series C Round

30Nov By Gauri SinghNo Comments

FUNDING

Insurance Startup Bright Health Secures $200 million in Series C Round

Minneapolis-headquartered insurance startup Bright Health has raised funds amounting to $200 million in Series C funding round. The round was led by Tom Valdivia, a former Definity Health executive. The valuation of the company, following the round has reached at $950 million. New investors Declaration Partners and Meritech Capital participated in the round, with backing from Bessemer Venture Partners, Greycroft, NEA, Redpoint Ventures and others. The company is planning to utilize these funds to rapidly expand into new markets, planning to triple its geographic footprint in 2019. “Bright Health has continued to execute at a fast pace towards our goal of disrupting the old health care model that places insurers at odds with providers,” Sheehy said in a statement. “[Its] current high...

Walmart Acquired E-commerce Platform Flipkart Forays Into Mobile Insurance

7Oct By PriyankaNo Comments

News

Walmart Acquired E-commerce Platform Flipkart Forays Into Mobile Insurance

Walmart acquired India's e-commerce platform Flipkart said it's foraying into the insurance segment after securing a corporate agent license. To begin with, Flipkart has partnered with Bajaj Allianz General Insurance to offer customised insurance solutions to power its mobile phone protection programme for all leading mobile phone brands that are sold on its platform, Flipkart said in a statement. It added that under the programme, it will offer both cash payout option or free pick up, service and drop convenience to customers. The insurance offering will be available from 10 October, the start of Flipkart’s The Big Billion Days (TBBD). “In line with our customer-first policy and as the market leader in this segment, insurance felt like the logical next step in providing consum...

UberEats Partners With General Insurance Provider Tata AIG

17Sep By Gauri SinghNo Comments

BUSINESS

UberEats Partners With General Insurance Provider Tata AIG

Food delivery platform UberEats has tied up with general insurance provider Tata AIG for the purpose of offering comprehensive insurance covers for its delivery executives in India. The particular programme will provide insurance to the executives for up to Rs 5 lakh against accidental death and permanent disability, applicable when they are on the road delivering orders for UberEats. Along with this, the policy also offers a cover of Rs 2 lakh against hospitalization expenses and an outpatient cover of Rs 50,000 per delivery agent. “While the programme currently offers accidental insurance, we are thinking of extending it to areas relating to life and medical insurance... We are also running small pilots to negotiate term policies for agents in their individual capacity, at attractive...

PolicyBazaar.com Raises 1360 Crore From Softbank Vision Fund, Enters Into Unicorn Club

25Jun By AnkitaNo Comments

FUNDING

PolicyBazaar.com Raises 1360 Crore From Softbank Vision Fund, Enters Into Unicorn Club

ETechAces and Consulting which operates PolicyBazaar.com has raised over USD 200 million (around Rs 1,360 crore) through a fresh round of investment led by Japans SoftBank. In a statement, the online insurance aggregator said, "it has clinched over USD 200 million in an investment round led by SoftBank Vision Fund, with participation from existing investors, including InfoEdge (Naukri.com)." The current round of funding will value the company over USD 1 billion. When Pixr8 News contacted, the company spokesperson declined to comment on the valuation part but said part of the funds would be used to grow the lending, investment and insurance business along with new initiatives such as healthcare tech and services and international expansion. The celebrated tech Unicorn club in In...

Digital Insurance Platform Raises $1.5 million From Kalaari Capital & Others

29May By NitishNo Comments

FUNDING

Digital Insurance Platform Raises $1.5 million From Kalaari Capital & Others

Gurugram based Digital insurance platform Toffee has raised $1.5 million (around Rs 10 crore) seed funding led by venture capital firm Kalaari Capital, impact investors Omidyar Network and Accion Venture Lab. Founded by Nishant Jain and Rohan Kumar, the digital-only platform launched its beta version in December 2017. Toffee’s tech platform can analyse, predict and customise insurance products for millennials across health, lifestyle and personal accidents. It claims that buying insurance takes less than 90 seconds and that it processes simple claims in under two hours using a completely digital interface. Rohan Kumar, CEO & Co-Founder, Toffee Insurance said, “We are really excited about the support we have received from Kalaari Capital, Omidyar Network and Accion Venture Lab. Th...

Kolkata Based Insurance Firm Raises $1 Million From Venture Catalysts

12Apr By NitishNo Comments

FUNDING

Kolkata Based Insurance Firm Raises $1 Million From Venture Catalysts

Kolkata based insurance management company Ideal insurance raises $1 million seed round of funding from Venture Catalysts. Venture Catalysts is India's leading incubator and the investors from Vcats include Nitesh Prakash of Ola, Atul Jain of Samyakth Finserv and promoters of Nandan Steel, Maithan group, Primarc, Atha group etc. The funding will be used primarily for building a strong infrastructural support for our operations and backend team as well as for marketing purposes. "With the development of our dedicated health insurance portal www.121policy.com, the investment has come at a much needed stage and will definitely bolster our growth and diversification plans," said Rahul Agarwal, founder and CEO, Ideal Insurance. Ideal Insurance is a pioneer in delivering niche and custom...

Chennai based Fintech Platform Raises $2.8 Million

10Apr By NitishNo Comments

FUNDING

Chennai based Fintech Platform Raises $2.8 Million

Kaleidofin, a Chennai based fintech platform raises $2.8 million seed funding to accelerate customer acquisition pan-India, expand the company's network of strategic partners, and enable deep investments in technology and analytics. The funding round was led by Omidyar Network, a Silicon Valley-based impact investing firm established by Pierre Omidyar, the founder of eBay, Blume Ventures, and individual investors, including Israeli serial entrepreneur and inventor, Professor Shlomo Ben-Haim. Kaleidofin will use this funding to expand its network to include partners in other segments, such as agents, banking correspondents, cooperatives, self-help groups, and microfinance institutions to deliver suitable financial solutions to the underserved at a faster scale. As per the data, mor...

PolicyBazaar Steps in the Health-Tech Market

2Apr By Sheldan RungasamyNo Comments

News

PolicyBazaar Steps in the Health-Tech Market

PolicyBazaar, the most utilized insurance website and comparison portal, is envisaging stepping in the healthcare technology and services market. This initiative comes in a bid to provide its client-base with a reliable and free-of-cost online access to the website’s selection of quality doctors and medical consultants. At the outset, Policy will begin partnering with 100 hospitals and 20,000 doctors, diagnostic centers and clinics until the end of March 2019. The vertical integration into healthcare will include offering a variety of healthcare services as well including hospital concierge services for its health insurance customers. This will then allow PolicyBazaar to be by the side of its customers at the perfect time, which is at the time of claims. “Our foray into the health...