Essel Finance Management, a fast growing financial services group, has acquired a controlling stake in pan-India insurance aggregation website Bimadirect.com.
Details of the acquisition deal were undisclosed, reported Press Trust of India.
Bimadirect.com is operated by the IRDAI-licensed digital insurance broking portal, Coretree Insurance Brokers (India), which was founded in 2011. Bimadirect.com is also a platform for the retail distribution of individual and group insurance products to customers in India.
Mr Amitabh Chaturvedi, Managing Director of Essel Finance, said: “With the acquisition of Bimadirect.com, we are foraying into digital distribution for a mass customer base. The acquisition is in line with our vision to become a one-stop shop for wealth management services offering advice through our branch network and digital channels.”
Essel Finance currently offers wealth management and investment advisory services to corporate and retail customers through its branch network across the country.