IndiaFirst Life, a Mumbai-based life insurance company, has achieved a significant milestone by becoming the first life insurance company to secure registration within the GIFT City International Financial Services Centre (IFSC). This registration, which was granted following approvals from the Insurance Regulatory and Development Authority of India (IRDAI) in August 2023 and subsequent registration from the International Financial Services Centre Authority (IFSCA) in September 2023, positions IndiaFirst Life to expand its services beyond the borders of India.
GIFT City IFSC: A Hub for Financial Services
- Gujarat International Finance Tec (GIFT) City serves as the sole entity in India operating as an International Financial Services Centre (IFSC), functioning akin to a special economic zone tailored for financial services.
- This strategic location opens up new possibilities for IndiaFirst Life in the international financial landscape.
A Global Outlook for IndiaFirst Life
- Rushabh Gandhi, Deputy CEO of IndiaFirst Life Insurance, expressed the company’s global aspirations. He stated, “We aim to enhance our market presence and capitalize on the customer outreach opportunities at a global level.
- IndiaFirst Life’s foray into the hi-tech and ultra-modern financial ecosystem of GIFT City IFSC will empower us to secure lives and create value for our international customers, particularly NRIs (non-resident Indians) banking with our partner banks – Bank of Baroda and Union Bank of India.”
Prominent Stakeholders and Differentiation
- IndiaFirst Life Insurance is promoted by Bank of Baroda, Union Bank of India, and Warburg Pincus owned Carmel Point Investments, holding 65%, 9%, and 26% stakes in the company, respectively.
- The company has set itself apart in the insurance industry by offering simple, easy-to-understand products that are competitively priced and efficiently serviced.
Expansion and IPO Plans
- In addition to its international expansion, IndiaFirst Life has taken steps towards offering its equity shares to the public.
- The company submitted its Draft Red Herring Prospectus to the Securities and Exchange Board of India (Sebi) on October 21, 2022, signaling its intent to go public and potentially broaden its investor base.