LeapFrog buys 15% stake in Mahindra Insurance Brokers for Rs 80 cr
New Delhi: Global investment firm LeapFrog on Thursday picked up 15 percent stake Mahindra Insurance Brokers Ltd (MIBL), a subsidiary of Mahindra Finance, for Rs 80 crore.
The investment of Rs 80.41 crore, which is subject to necessary regulatory approvals, will be through LeapFrog's subsidiary company, Inclusion Resources Pvt. Ltd., Singapore, for a 15 percent stake in MIBL, Mahindra Finance Managing Director Ramesh Iyer said.
LeapFrog will also be bringing in its international expertise, including in the areas of product design and distribution, he said.
Commenting on the development LeapFrog President Andrew Kuper said MIBL is playing a significant role in the insurance broking industry in India with a focus on adding value to customers through innovative solutions, superior services and driving positive change in the lives of people.
"We are keen to support the next leap of reach, performance and innovation for this outstanding business," Kuper said.
Since inception in 2004, MIBL has serviced over 2.5 million people, enabling them to protect their assets and loans taken for buying tractors and vehicles, and thus their livelihoods on which their families depend.
The alliance is expected to have a significant impact on financial inclusion in the country as well as building value for all the stakeholders, Iyer added.