Subhash Chandra-owned, Essel Finance Management, the financial services arm of the Essel Group has acquired the controlling stake of insurance policy aggregator Bimadirect, operated by Coretree Insurance Brokers (India) for an estimated amount of Rs. 25-30 crores (approximately $3.8 - $4.6 million), as reported by The Economic Times & VC Circle. The deal will see Essel Finance paying 75% of the deal amount upfront, and the rest over a period of two years.
Link Legal advised and acted for
Coretree Insurance Brokers (India) were advised by their in-house legal team from US.
Founded in 2011, Bimadirect is an online platform for insurance aggregation or insurance policy comparison and the acquisition gives the nonbanking financial services arm of the Zee group an insurance broking license that is a key component of wealth management services.