Key Quantitative Figures

  • Fund raising amount: ₹1500 million (150 crores)
  • Issue price: ₹143.28 per share
  • Instrument: Combination of Equity Shares and Fully Convertible Warrants
  • FY26 business volumes (GWP): In excess of ₹16 billion
  • Operational footprint: 18 offices across multiple countries
  • Employee strength: More than 500 employees
  • Client base: Approximately 2,000 corporate clients and 100,000 retail customers
  • Reinsurer partnerships: 100+ relationships worldwide

Transaction Details

The proposed fund raising of ₹1500 million will be through a combination of Equity Shares and Fully Convertible Warrants at a price of ₹143.28 per share. The investment is being led by Carpediem Capital and Sanshi Fund - I.

Approval Requirements

The issue is subject to:

  • Approval of the shareholders of the Company
  • Statutory, regulatory and governmental approvals
  • Permissions, consents and sanctions as may be required

Use of Proceeds

The capital raised will support the Company's funding requirements for:

  • Business expansion
  • Strategic investments including acquisitions
  • Capital expenditure
  • Working capital requirements
  • Among other stated objects

Business Context

IIRM Holdings India Ltd is the holding company of a group engaged in asset protection, risk advisory, employees' wellbeing solutions and insurance distribution across India, Singapore, Sri Lanka, Maldives, and Kenya. The flagship company, India Insure Risk Management and Insurance Broking Services Private Limited, is the first Licensed Insurance Broking company in India and has been operating since 2003.

Growth Strategy

The Group's strategy focuses on organic expansion and disciplined acquisitions. They are in the process of consolidating multiple insurance brokers in India and overseas.

Management Commentary

Ramakrishna V, Chairman of IIRM Holdings India Ltd, stated: "This investment endorses IIRM's vision and growth trajectory. With Carpediem Capital and Sanshi Fund -I as partners, we are well positioned to accelerate expansion, pursue strategic acquisitions and strengthen our leadership in insurance and risk management."

Investor Perspectives

Hithendra Ramachandran, Co-Founder & MD of Carpediem Capital, commented: "IIRM has built a high-quality, scalable platform in a large, underpenetrated market. Industry is poised for a consolidation play with many small to mid-sized players, and we believe IIRM is well positioned to be among the front runners in this space."

Saranya Agrawal, Founder of Sanshi Fund - I, stated: "IIRM's strong fundamentals, experienced management and clear direction make it a compelling growth story. We are delighted to support its journey as a leading regional insurance distribution group."