Angel Broking, which proposes to enter into insurance and third-party products, plans to invest Rs 600 crore to complement its expansion plans that includes scaling up its branch network from 75 to 250 branches across the country in 3 years. Angel is planning to raise Rs 250 crore from private equity investors and rest of the amount from internal accruals.
“We are planning to open 250 offices in the next three years, we also propose to venture into the distribution of insurance and other third-party products,” Angel Broking’s chairman and managing director, Dinesh Thakkar said.
“We would be raising a fund by diluting 25% of our stake in two tranches,” he said adding the company is also planning a huge spend on its already robust online trading business. “We anticipate investing Rs 600 crore to achieve our expansion plans over the next three years,” he said adding we intend to raise Rs 150 crore in the immediate future, and Rs 100 crore further during the next year, the balance of the funding will be through internal accruals.
Immediately Angel is looking to tie-up with a foreign partner but more as a financial partner than a strategic one as it already has a robust and scalable business model.
Source : Financial Express