Private equity fund Leapfrog, with an investment focus in micro-insurance sector has invested $15 million (Rs. 67 crore) in Shriram CCL, a subsidiary of Shriram Capital engaged in the financial services sector, stock and commodity broking.
Amarchand Mangaldas advised Leapfrog with a team led by Partner Reeba Chacko.
Trilegal advised Shriram CCL with a team led by Partner Amit Tambe along with Senior Associate Kunal Chandra and Associate Shruti Singh.
LeapFrog investors in the fund include J P Morgan, International Finance Corporation, Soros EDF and Omidyar Network.
According to VCCircle, the deal will help Shriram CCL expand its services in areas like insurance, savings and investment products for the underserved Indian market. Shriram will use this funding to expand the operations of its subsidiaries – Shriram Fortune Solutions (involved in financial product distribution) and Shriram Insight Share Brokers (engaged in share broking business).
Launched in 2008, LeapFrog manages a $135 million fund focused on inclusive insurance and related financial services in Asia and Africa. It now plans to invest $30-$37 million in India from this fund.