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InsuranceDekho to acquire majority stake in BankSathi’s credit market

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Insurance aggregator InsuranceDekho is set to acquire a majority stake in BankSathi, a credit card and personal loan distributor, according to sources familiar with the matter.

The deal, which is nearing completion, will provide liquidity to BankSathi’s angel investors through a share swap deal where the company’s shareholders will get a stake in InsuranceDekho.

«It will be a majority transaction and BankSathi will in all likelihood continue to operate as an independent entity focusing on the distribution of consumer credit products,» one of the sources said.

The acquisition will enable InsuranceDekho, which has an extensive network of insurance agents, to build capabilities in the area of ​​selling credit products as well. This would be InsuranceDekho’s third acquisition after buying out Gujarat-based insurance distributor IRSS and insurance broker Verak in 2023.

BankSathi, founded in 2021, is an agent-based financial product distribution platform that enables digital sales agents and financial advisors to distribute credit and savings products. The startup relies on a social commerce model, but focuses primarily on credit cards and personal loans.

InsuranceDekho has raised more than $310 million in multiple rounds of equity funding, with the latest round of $60 million in October 2023 valuing the company at around $750 million. The company counts Japanese financial company Mitsubishi UFJ Financial Group, BNP Paribas Cardif and Beams Fintech as its main investors.

InsuranceDekho competes with listed Policybazaar and venture-backed Turtlemint in the insurance aggregator space.

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