IIRM Holdings to raise ₹150 crore from Carpediem Capital, Sanshi Fund
The BSE-listed insurance and risk advisory group plans to use the capital for expansion, acquisitions, capital expenditure and working capital requirements.
BSE-listed IIRM Holdings India Ltd will raise ₹150 crore through a combination of equity shares and fully convertible warrants priced at ₹143.28 each, the company said on Friday.
The investment is being led by private equity firm Carpediem Capital and Category III alternative investment fund Sanshi Fund - I.
The proposed issue is subject to shareholder approval and other statutory, regulatory and government clearances.
IIRM Holdings said it will use the proceeds to support business expansion, pursue strategic investments and acquisitions, fund capital expenditure and meet working capital requirements.
The company is the holding entity for a group operating across asset protection, risk advisory, employee wellbeing and insurance distribution in India, Singapore, Sri Lanka, the Maldives and Kenya.
“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,” said Ramakrishna V, Chairman of IIRM Holdings India Ltd.
The group handled gross written premium (GWP) volumes of more than ₹1,600 crore in FY26 through its operating companies. It operates through 18 offices with over 500 employees, serving around 2,000 corporate clients and 100,000 retail customers.
IIRM Holdings said organic expansion and acquisitions remain central to its growth strategy, adding that the group is currently in the process of consolidating insurance broking businesses in India and overseas.
“IIRM has built a high-quality, scalable platform in a large, underpenetrated market. The industry is poised for consolidation, with many small and mid-sized players, and we believe IIRM is well positioned to be among the front runners in this space,” said Hithendra Ramachandran, Co-founder and Managing Director of Carpediem Capital.
The group’s flagship company, India Insure Risk Management and Insurance Broking Services Private Limited, was India’s first licensed insurance broking company and has operated in the country since 2003.