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
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
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.”