Shares of Vakrangee, one of India’s largest last-mile distribution platforms, gained nearly 2% in Tuesday’s intraday trade, reaching the day’s high of ₹9.97 apiece. The rise came after the company announced a strategic corporate agency tie-up with Shriram General Insurance Company, which will allow Vakrangee to offer a wide array of general insurance products through its extensive network of Vakrangee Kendras across the country
“This tie-up will enable Vakrangee Kendras, predominantly located in unserved and underserved rural and semi-urban areas, to offer comprehensive general insurance solutions, including health, motor, travel, and commercial insurance catering to retail, rural, SME, and corporate customer segments,” the company said in today’s regulatory filing.
Vakrangee Kendras provide a comprehensive range of services, including banking, insurance, ATMs, financial services, and assisted e-commerce solutions. Through its vast network of 22,986 Vakrangee Kendras spread across 32 states, 609 districts, and 5,835 postal codes, across the length and breadth of India.
Commenting on this partnership, Mr. Vedant Nandwana, Managing Director, Vakrangee Ltd., said, “We are delighted to partner with Shriram General Insurance Company Limited, a trusted name in the insurance sector. This strategic tie-up marks a significant milestone in our journey to strengthen last-mile delivery of financial services across the country.”
“Through this partnership, we aim to provide access to general insurance products—such as health, motor, travel, and commercial insurance—for millions of citizens, especially those residing in remote and rural areas who have traditionally been underserved by formal financial institutions,” he further added.
The company also earlier entered into a strategic distribution partnership with Ageas Federal Life Insurance Company Limited in late June.
LIC holds 4.4% stake in the company
India’s biggest institutional investor and insurance behemoth LIC holds a 4.41% stake in the company, according to shareholding data filed with the BSE.
As of the end of the June quarter, retail investors held the majority stake at 52.73%, while the promoter group owned 42.6%.
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