Religare Enterprises Ltd (REL), a financial services company registered with the Reserve Bank of India, has announced its plans to acquire MyInsuranceClub (MIC), an insurance web aggregator, in an all-cash deal. The move is part of REL's strategy to expand its offerings into the insurance distribution space.

MyInsuranceClub, which claims to be the first Insurance Regulatory and Development Authority of India (IRDAI) approved web insurance distribution and comparison platform, is operated by MIC Insurance Web Aggregator Private Ltd. The platform offers comparison and purchase of insurance products for cars, two-wheelers, health and life.

In 2020, MyInsuranceClub was acquired by the Indian Express Group. However, with this proposed acquisition, REL aims to strengthen its insurance offerings and make them available to the masses. According to Rashmi Saluja, executive chairperson of REL, the acquisition will propel the company into the next growth phase and prove to be a step towards digital evolution.

REL, which offers an integrated suite of financial services through its underlying subsidiaries and operating entities, claims to reach over 1 million policyholders in the insurance business, over 1 million broking customers, more than 26,000 customers in MSME finance and over 10,000 customers in affordable housing finance.

The acquisition of MyInsuranceClub will enable REL to expand its offerings in the insurance distribution space and provide a wider range of insurance products to its customers. With the increasing demand for digital insurance solutions, the acquisition will also help REL in its digital evolution and provide a platform for growth in the future.