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