India Dealbook: Essel Finance acquires Bimadirect; Printo buys Print Bazaar

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Essel Finance has acquired online insurance agent Bimadirect while Printo has bought smaller rival Print Bazaar.

Essel Finance acquires online insurance agent Bimadirect

Essel Finance Management has acquired online insurance agent Bimadirect, operated by Coretree Insurance for an undisclosed amount, according to a report in The Economic Times.

According to sources quoted in the report, the deal is pegged at Rs 25-30 crore.

Through the deal, entrepreneurs and investors Amit Pandey and Sudip Bandyopadhyay have made a complete exit from Coretree. Bimdirect was started in 2011 by US-based entrepreneur Amit Pandey, and in February 2016, Mumbai-based stock broker Sudip Bandyopadhyay had bought a 50 per cent stake in the company.

The acquisition gives the nonbanking financial services arm of the Zee group an insurance broking license.

“With the acquisition of Bimadirect. com, we are foraying into digital distribution for mass customer base,” Essel Finance managing director Amitabh Chaturvedi told the news paper.

Printo acquires smaller rival Print Bazaar

Printing solutions company Printo Document Services, which operates the Printo retail chain brand, has acquired Delhi- Print Retail India, which owns and operates the Print Bazaar, said a report in The Economic Times.

According to sources quoted in the report, the all-stock deal valued, smaller rival Print Bazaar at Rs 8-10 crore.

“We believe consolidation gives us a competitive advantage and we can collectively grow fast grow faster…With the Print Bazaar acquisition, we have not only fulfilled this goal, but also created a platform that will help us penetrate deeper into the North India market,” said Balu Iyer, chief executive at Printo.

Under the terms of the transaction the Print Bazaar brand will be discontinued.

Also Read:

India: Essel Finance to buy $42m loan portfolio of Motilal Oswal-backed Intec Capital

India: Essel Finance to acquire Peerless Group’s mutual fund business

How Printo’s Manish Sharma lost his startup and got it back

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.