General Atlantic-owned registrar and transfer agency KFin Technologies (KFintech) has picked a 17% interest in Indian insurtech Artivatic.ai.

Financial terms of the transaction, which marks India-based KFintech’s entry into the insurtech space, were not made public.

Artivatic plans to use the deal proceeds to expand its product line-up as well as explore new business horizons.

The firm, which offers risk-based tailored automated solutions, will also use the capital to deepen its presence both across India and globally.

Commenting on the latest development, Artivatic co-founder Layak Singh said: “Through the partnership with KFin and General Atlantic, Artivatic will leverage domain expertise, network, and financial support to become one of the preferred insurance solution providers and scale faster in India and the South East Asia region.

“This partnership will allow Artivatic to focus majority in growth, scale, expanding to various geographies, through the backing of KFin.”

KFintech offers registry services to mutual funds, corporate, and pensions, among others.

The firm caters to more than 90 million investor accounts spread over 1300 issuers. It has 460 branches across India and staff headcount of more than 5,500.

KFintech CEO Sreekanth Nadella said: “KFin prides itself as a hyper-scale backbone for financial services management across asset classes, expanding our portfolio of services into Insurance and our investment into Artivatic.ai is the first step in that direction.

“Access to capital aside, KFin will contribute to Artivatic.ai with access to clientele, geographic expansion, thought leadership and technology & process frameworks.”

Meanwhile, in a separate development recently in India, private equity firm True North divested a portion of its stake in Indian insurance aggregator Policybazaar. The stake was sold to five independent buyers, including Serum Institute of India (SII).