LeapFrog Investments has invested Rs 67 crore ($15 million) in Shriram Credit Co Ltd for a 10% stake in the company. This is LeapFrog's first investment in India and the Rs 600-crore fund is focused on insurance and financial services firms catering to the under served market in Africa and Asia.
“Nearly 30% of the fund would be dedicated to investment in Indian insurance companies,” said Dr Jim Roth, co-founder, LeapFrog. The fund has earmarked Rs 180 crore for investment in Indian firms that underwrite or distribute insurance.
On its part, Shriram CCL will channelise the investments to its subsidiaries, Shriram Fortune and Shriram Insight. Apart from Shriram CCL, LeapFrog has invested $6.7 million in AllLife, a South African insurer of people with HIV/AIDS. The fund has also put in $14 million in Apollo, a leading insurance group operating in Kenya, Tanzania and Uganda which offers life and non life insurance products through APA Insurance and Apollo Life.
Source: Times of India