India Digest: Amazon may invest in Capital Float; Legal & General plans to exit IndiaFirst Life

While e-commerce giant Amazon is in talks to invest in India fintech startup Capital Float, UK’s Legal & General is looking to sells its stake in IndiaFirst Life Insurance.

Amazon in talks to invest in fintech startup Capital Float

E-commerce giant Amazon is in talks to invest in Indian digital lending startup Capital Float, as it looks to expand its presence in the financial technology space.

According to a source-based report in The Economic Times, Amazon could invest $5-10 million as an extension of the recent round raised by Capital Float.

In August, the digital lending firm had raised $45 million in a series C round led by Palo Alto-based fin-tech investor Ribbit Capital, with substantial participation from follow-on investors including SAIF Partners and Sequoia India.

In the fintech space in India, Amazon has already invested in firms like online financial services marketplace BankBazaar and gifting and loyalty points player Qwikcilver.

UK’s Legal & General plans to exit IndiaFirst Life Insurance

UK’s financial services group Legal & General is looking to sell its 26 per cent stake in Mumbai-based IndiaFirst Life Insurance, according to a report in The Economic Times.

As per the sources quoted in the report, the shareholders have appointed investment bank Ambit Capital to arrive at a valuation and suggest strategic options including global insurance companies and private equity funds to replace the foreign promoter

IndiaFirst Life Insurance was launched in 2010 as a joint venture between Legal & General, Bank of Baroda, which owns 44 per cent stake and Andhra Bank, which holds 30 per cent stake.

“The Indian promoters of the life insurance venture are looking to rope in another foreign investor as replacement for Legal & General,” said one of the sources. “Ambit is helping them to find a suitable partner, either a foreign insurer or a private equity fund, to buy out Legal & General’s stake.”

Also Read:

India: Capital Float raises $45m in series C led by Ribbit, existing investors

Capital Float in talks to raise $47m

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.

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.