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Jio-BlackRock JV to enter wealth management, stock broking biz

EntrackrEntrackr · 1y ago
Jio-BlackRock JV to enter wealth management, stock broking biz
Medial

Jio Financial Services and US-based BlackRock have formed a joint venture to launch wealth management and broking businesses in India. In an exchange filing on Monday, Reliance’s Jio said that it has signed a 50:50 joint venture for the purpose of undertaking the two business ventures. The duo had announced an agreement in July 2023 to form a 50:50 joint venture with a $150 million investment each to enter the asset management business in India. With this, BlackRock is re-entering India’s asset management sector nearly six years after exiting the joint venture with DSP Group in 2018. Jio will compete with the likes of Zerodha, Upstox, Groww, AngelOne, and ICICI Securities, Paytm, PhonePe, ETMoney, Scripbox in the overcrowded market of stockbroking and wealth management. Tata Neu is also planning to start offering stock broking services soon. Entrackr exclusively reported the development. In February, fintech unicorn CRED made an entry into the wealth management space with the acquisition of mutual fund investing platform Kuvera.

InsuranceDekho and RenewBuy to take on PolicyBazaar with potential merger

EntrackrEntrackr · 8m ago
InsuranceDekho and RenewBuy to take on PolicyBazaar with potential merger
Medial

InsuranceDekho and RenewBuy, two major players in India's insurance market, are on the cusp of a merger. This strategic move aims to create a significant entity in the insurance aggregation space and take on industry leader PolicyBazaar directly. The combined entity is estimated to be valued at over Rs 8,000 crore ($950 million), with RenewBuy valued at around Rs 3,000 crore and InsuranceDekho at over Rs 5,000 crore. This merger is anticipated to establish the combined entity as the second-largest insurance aggregator in India, according to a report by Mint. The deal will involve a cash-and-stock transaction, with some early investors in RenewBuy potentially selling a portion of their stakes. The merged entity is expected to secure additional funding ahead of a potential initial public offering (IPO). The deal could also streamline the IPO path for CarDekho, which is targeting a public listing in the next fiscal year. Currently, CarDekho’s co-founder and CEO, Amit Jain, holds over a 70% stake in InsuranceDekho. According to sources, the group aims to offload more than a 20% stake in the Gurugram-based company before filing the Draft Red Herring Prospectus (DRHP). The combined entity aims to offer a broader product range, enhanced customer experience, and improved operational efficiency. The development comes soon after InsuranceDekho received the composite insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). The company also raised $60 million in a Series B funding round spearheaded by Mitsubishi UFJ Financial Group in October last year. While InsuranceDekho has yet to report FY24 results, the firm posted Rs 96.5 crore in revenue in FY23 as compared to Rs 47.9 crore in FY22. It also reduced losses by 28.6% to Rs 51.6 crore during FY23. Renewbuy, on the other side, scooped up $40 million in its ongoing Series D funding round in July last year. The nine-year-old company has not disclosed its financials for FY23 and FY24, it reported Rs 190.8 crore in revenue with Rs 98.9 crore loss in FY22.

Mobikwik enters stock broking biz with new subsidiary

EntrackrEntrackr · 3m ago
Mobikwik enters stock broking biz with new subsidiary
Medial

Mobikwik enters stock broking biz with new subsidiary Fintech firm Mobikwik is entering the securities broking space with the launch of its wholly owned subsidiary, Mobikwik Securities Broking Private Limited (MSBPL). The company has received approval from the Ministry of Corporate Affairs, as disclosed in a recent filing with the National Stock Exchange (NSE). With this move, Mobikwik aims to broaden its financial services portfolio by offering stock and commodity brokerage services. According to the disclosure, MSBPL will engage in trading shares, stocks, securities, debt instruments, commodities, currencies, and derivatives. The subsidiary also plans to acquire memberships with stock and commodity exchanges both in India and internationally. Mobikwik Securities Broking Private Limited has been set up with an initial capital of Rs 1 lakh, while the parent company plans to infuse an additional Rs 2 crore in one or more tranches. With this move, the company will enter the crowded stock broking space, which is currently dominated by players like Zerodha, Groww, and AngelOne. At present, Groww leads the pack with the highest number of active users, followed by Zerodha, AngelOne, Upstox, and ICICI Direct. MobiKwik’s registered user base has grown to 172 million, along with a merchant network of 5 million, the company said in the last quarter. The company’s payment GMV doubled year-on-year to Rs 29,400 crore. In the third quarter of the current fiscal year, MobiKwik reported revenue of Rs 269 crore, while its losses stood at Rs 55.2 crore during the same period. MobiKwik’s shares are currently trading at Rs 308 apiece, with a total market capitalization of Rs 2,393 crore (approximately $278 million). The company also hit its 52-week low of Rs 231 on March 17.

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