LeapFrog buys 15% of India’s Mahindra Insurance for $15m

The firms claim the alliance will have a significant impact on financial inclusion in South Asia.

MIBL, a wholly-owned subsidiary of Mahindra & Mahindra Financial Services, is an insurance broker for rural and semi-urban India. The company, which is currently valued at approximately $96 million, plans to utilize LeapFrog's international expertise in areas such as product design and distribution.

Since it was founded in 2004, MIBL has serviced more than 2.5 million people, the vast majority of whom reside in rural or semi-urban areas.

"Mahindra's guiding philosophy, Rise, embodies the group's determination to drive positive change in its customers' lives," said Andrew Kuper, president and founder of LeapFrog. "Mahindra's reach, ethics and ethos make it an ideal partner for us and the MIBL team has an outstanding track record of driving growth, profitability, and impact."

MIBL is LeapFrog's second investment in the Indian market in the last year.

Investors in LeapFrog's fund, which was launched in 2010, include global institutions such as J.P. Morgan, Triodos, International Finance Corporation, KfW, and the European Investment Bank; funds such as Soros EDF, TIAA-CREF, Omidyar Network, FMO, and Calvert; reinsurers SCOR and Haverford; and development financiers including Proparco and Accion Frontier Investments Group.

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• Topics
• South Asia
• Financials
• Expansion
• Growth capital
• Financial Services
• India