MIC is an insurance comparison and distribution platform. Credit: Glenn Carstens-Peters on Unsplash

Indian investment firm Religare Enterprises has agreed to buy MyInsuranceClub (MIC), a web aggregator of Indian Express Group, new agency PTI reported.

The investment firm has signed an all-cash deal with IGear Holdings as part of its strategy to enter insurance space.  

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Financial and other terms of the acquisition have not been made public by the companies.

MIC is an insurance comparison and distribution platform approved by Insurance Regulatory and Development Authority of India (IRDAI).

It offers services that compare the best insurance products throughout the country.

Religare Enterprises executive chairperson Rashmi Saluja said: “We are delighted to onboard MIC as a critical segment of our financial services business post all regulatory approvals.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“With the proposed acquisition, the Religare Group will strengthen its insurance offerings, making them available to the masses. 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.”

Through this deal, the company aims to become a complete integrated financial services firm.

The Indian Express Group executive director Anant Goenka 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.”

In September last year, reports emerged that Religare is looking to raise INR3bn ($37.64m) via rights issue to support its health insurance business.