Svatantra Microfin said it will buy Chaitanya India Fin Credit Private Limited (Chaitanya) while insurtech firm InsuranceDekho is reportedly in talks to raise a fresh round.
Svatantra to buy Navi Group’s Chaitanya
Ananya Birla’s Svatantra Microfin said it will acquire Chaitanya India Fin Credit Private Limited (Chaitanya), a subsidiary of Navi Group (Navi), in a transaction valued at Rs 1,479 crore ($178.3 million).
Following the acquisition, Svatantra said it will become the second-largest microlender in India with a reach of over 3.6 million active customers across 20 states. The combined entity will have about $1.5 billion in assets under management.
Svatantra founder and chairperson Ananya Birla said, “The proposed acquisition will propel Svatantra to a significant leadership position. The combined entity will command a substantial reach, enabling the delivery of a diverse array of financial services to our clients across a geographically diverse portfolio.”
InsuranceDekho to raise $50m
Insurtech firm InsuranceDekho is in talks to raise a fresh round of $50 million from new and existing investors, Entrackr reported on Wednesday.
“InsuranceDekho is picking up around $50 million in Series B from a couple of new investors. Existing backers Goldman Sachs and TVS Capital will double down their commitment,” the report said.
“The term sheet has been signed and the deal is expected to materialise in a couple of weeks. InsuranceDekho is set to be valued at around $500-550 million in this round,” the report said.
Earlier this year, InsuranceDekho raised $150 million in a mix of equity and debt in its Series A funding round.