IIRM Holdings India Ltd, the holding company of an insurance distribution and risk advisory group with operations across India, Singapore, Sri Lanka, the Maldives and Kenya, on Monday announced plans to raise nearly $16 million (Rs 150 crore) through a strategic capital raise led by Carpediem Capital and Sanshi Fund – I.
The fundraising will be executed via a combination of equity shares and fully convertible warrants, priced at Rs 143.28 per security, the company said in a statement.
The proceeds will be used to support business expansion, strategic acquisitions, capital expenditure and working capital requirements.
“This investment endorses IIRM’s vision and growth trajectory. With Carpediem Capital and Sanshi Fund – I as partners, we are well positioned to accelerate expansion, pursue strategic acquisitions and strengthen our leadership in insurance and risk management,” said Ramakrishna V, Chairman, IIRM Holdings India Ltd.
In FY26, IIRM Holdings claims to have handled gross written premium (GWP) of over Rs 16 billion through its operating companies across India, Singapore, Sri Lanka, the Maldives and Kenya. The group operates 18 offices and employs more than 500 people, serving around 2,000 corporate clients and 100,000 retail customers, while maintaining over 100 reinsurer partnerships globally.
The company said organic expansion and disciplined acquisitions remain central to its strategy, adding that it is in the process of consolidating multiple insurance brokers in India and overseas.
“IIRM has built a high-quality, scalable platform in a large, underpenetrated market. Industry is poised for a consolidation play with many small to mid-sized players, and we believe IIRM is well positioned to be among the front runners in this space,” said Hithendra Ramachandran, Co-Founder & MD, Carpediem Capital.
The issue remains subject to shareholder approval as well as necessary statutory, regulatory and governmental clearances.
