### **Overview** Religare Enterprises Limited (REL) is a publicly listed **Core Investment Company (CIC)** registered with the Reserve Bank of India (RBI), serving as the holding company for a diversified financial services group. REL operates across four key verticals: **retail broking, health insurance, SME lending, and affordable housing finance**. Following a comprehensive corporate restructuring and change in control in early 2025, REL has repositioned itself as a financially resilient, technology-driven, and governance-led financial services conglomerate. With operations in over 400 cities and a presence across approximately 1,300 locations, REL serves over **1.1 million customers** across its subsidiaries and employs around 13,000 professionals nationwide. --- ### **Leadership and Governance** - In **February 2025**, the **Burman Group** (promoters of Dabur) emerged as the new promoter of REL after completing an open offer initiated in 2023. - In **July 2025**, the board of REL was reconstituted with promoter-nominated directors. - Regulatory restrictions on its former troubled lending arm, **Religare Finvest Limited (RFL)**, were lifted — including removal of the RBI’s Corrective Action Plan (CAP) and "fraud tag" — marking a significant governance and financial turnaround. --- ### **Key Subsidiaries & Business Segments** #### **1. Care Health Insurance Limited (CHIL)** - **Ownership:** REL holds **63.2%** (earlier reported as ~62.8–64.98% as of FY24/FY25). - **Market Position:** **Second-largest standalone health insurer in India**, with **22% market share** in the Standalone Health Insurance (SAHI) segment; holds **9.9%** in the overall health insurance market. - **Financial Performance (FY25):** - **Gross Written Premium (GWP):** Over **₹9,200 crore** (up from ₹8,562 crore in reported figures), representing **22–34% YoY growth**. - **Profitability:** Profited continuously since FY19; maintained strong underwriting discipline. - **Investment Portfolio:** ₹9,500 crore; **Solvency Ratio:** **1.89** (exceeding regulatory minimum of 1.50). - **Operations:** - 271 branches, 1,455+ network locations, and **22,000+ hospital tie-ups** for cashless claims. - **Claims Settlement:** >96.1%; **78% of cashless claims processed within 30 minutes**. - Settled **over 76 lakh claims** cumulatively. - **Technology & Innovation:** - **Digital-first model:** >98% policies issued digitally. - Daily commission disbursement to agents — a **unique industry feature**. - AI-driven underwriting and **auto claim adjudication**. - Mobile app with self-service tools, wellness features, and preventive health checks. - **Distribution:** - Over **360,000 agents** and **multi-channel strategy**: agency, bancassurance, online, brokers. - Strategic partnerships with banks for bancassurance. - **Strategic Initiatives:** - Expansion into **Gift City (GIFT-IFSC)** in June 2024 to underwrite **global and reinsurance policies**. - Focus on **retail expansion**, digital acquisition, financial literacy, and **internationalization**. - **Rebranding & Transformation:** - Originally Religare Health Insurance, rebranded and **insulated from RFL's turmoil**. - Transformed from low premiums and solvency concerns to fastest-growing SAHI company. --- #### **2. Religare Broking Limited (RBL)** - **Ownership:** Wholly-owned subsidiary of REL. - **Services:** Full-service retail broking, discount broking, depository (DP with NSDL & CDSL), insurance distribution (IRDAI-registered corporate agent), pension products (PFRDA PoP), and e-governance. - **Market Position:** Leading **non-bank retail broking platform** with over 30 years of operation. - **Revenue Mix (2025):** - Brokerage: **52%** - Interest income: **27%** - E-governance: **12%** - Others (advisory, distribution): **9%** - **Customers:** - **12 lakh total customers**, with **2.5 lakh active clients**. - Serves retail, HNI, and trader segments. - **Distribution Network:** - **68 branches**, **over 1,300 business partners**, and **56,500 e-governance franchises** across 400+ cities. - Hybrid model: owned branches, sub-brokers, franchisees. - **Technology & Platforms:** - Fully digital-led model with platforms: **Dynami**, **Religare Online**, and **LEAP**. - Algorithmic trading, **Wrap Portal** for partners, and upgrades to LOS/LMS. - Multi-channel access: branch, web, app, call-and-trade. - **Bancinvest Partnerships:** With Bank of Maharashtra, Dhanlaxmi Bank, Karur Vysya Bank, Saraswat Bank, South Indian Bank, TMB, and Union Bank of India. - **Strategic Focus:** - Capital-light, scalable model. - Expansion through digital channels, financial literacy, and product diversification. - Investment of **>₹200 crore** from preferential issues to boost wealth management and tech. --- #### **3. Religare Finvest Limited (RFL) – SME Lending NBFC** - **Ownership:** 100% owned by REL. - **Status:** **Debt-free** after full OTS with 16 lenders completed by March 2023. - **Regulatory Status:** RBI-registered **NBFC-ND-SI**; **CAP and fraud tag removed in July 2025**. - **Financial Health:** - **CRAR (Capital Adequacy):** **197.6%** (significantly under-leveraged, high growth capacity). - **Net NPAs:** ~**1.0%**; **Collection Efficiency:** **98%**. - Surplus cash of **₹422.7 crore**. - **Business Model:** Specialized in **secured SME lending** to Tier II/III businesses — working capital, business expansion, trade finance. - **Historical Context:** - Once a leading SME platform with a **peak loan book of ₹16,000 crore (2016)**. - Lending halted due to regulatory restrictions; now **positioned for relaunch**. - **Strategy:** - Governance-led revival; **cluster-based lending** targeting MSMEs. - D2C distribution model; leveraging co-lending and digital platforms. - Plans to scale housing finance and SME operations with internal capital. --- #### **4. Religare Housing Development Finance Corporation Limited (RHDFCL)** - **Ownership:** 87.5% held by RFL, indirectly part of REL group. - **Focus:** **Affordable and mid-income housing finance** in Tier 2/3 towns across **8 states**. - **Product Mix:** - **70% Home Loans**, **30% Loan Against Property (LAP)**. - Average loan size: **₹10 lakh**. - **AUM:** ~**₹245 crore** (down from ₹250 crore in FY25; reflects conservative portfolio). - **Customers:** ~**3,200 customers**. - **Credit Quality:** - **CRAR: 142%** (strong capitalization). - **GNPA: 4.5%**, **NNPA: 3.3%**. - **Collection Efficiency: 97.34%**; **no loan restructuring**. - **99.8% asset-backed**, LTV ~50%. - **Ratings:** **BBB- (Stable)** from both **ICRA** and **CARE**. - **Co-Lending Partnerships:** - With **DMI Housing Finance** and **Singularity Creditworld**. - RHDFCL co-originates loans with **20% stake** to share risk and reduce funding costs. - **Technology:** Digital transformation underway — upgrades to **Loan Origination & Management Systems (LOS/LMS)** and CRM. - **Strategy:** Capital-light growth; aligned with "Housing for All" mission. --- ### **E-Governance & Digital Ventures** #### **Religare Digital Solutions Limited (RDSL)** - Subsidiary formed via **demerger of RBL’s e-governance business**, approved by NCLT. - Operates through a **digital platform and 56,500 agent franchises**. - Offers citizen-centric services such as bill payments, forms, certificates, and compliance support. - Supports RBL’s digital outreach and last-mile delivery. #### **MIC Insurance Web Aggregator Private Limited** - Acquired in **December 2023** from iGear Holdings. - IRDAI-approved, **top-5 insurance web aggregator** by traffic in India. - **2.2 lakh monthly leads**, **1.2 million annual visitors**, and a **2 million customer database**. - Strengthens REL’s **digital insurance distribution** and InsurTech ambitions. - Evaluating scalability and integration with CHIL and RBL. --- ### **Strategic Direction (2025–2026)** 1. **Transformation & Governance Revival:** - Complete turnaround post-RFL crisis via capital, governance, and promoter support. - Focus on **sustainable, profitable growth over scale**. 2. **Digital-First Strategy Across Verticals:** - CHIL: AI-driven underwriting, claims, wellness. - RBL: Digital onboarding, algorithmic trading, mobile apps. - RHDFCL: Digitized loan processing, CRM upgrades. - Group: Leverage MIC for digital lead generation. 3. **Expansion & Market Penetration:** - Grow **retail broking** through Bancinvest and digital. - Expand **health insurance** to underserved rural and semi-urban areas. - Reactivate **SME lending** via RFL with focus on **MSME clusters**. - Grow housing finance via **co-lending and partnerships**. 4. **Technology & Product Innovation:** - Invest in platforms, analytics, and AI. - Expand wealth product offerings, introduce PMS and insurance-linked investments. 5. **Internationalization:** - Leverage **Gift City** operations for cross-border health insurance and reinsurance. 6. **Inorganic Growth:** - Explore acquisitions in insurance, digital platforms, and fintech. - Benefit from ongoing NBFC sector consolidation. --- ### **Financial & Operational Highlights (as of Nov 2025)** | **Metric** | **Value** | |-----------|---------| | **REL Ownership in CHIL** | 63.2% | | **CHIL GWP (FY25)** | ₹9,200+ crore | | **CHIL AUM / Investments** | ₹9,500 crore | | **Solvency Ratio (CHIL)** | 1.89 | | **CHIL Network** | 271 branches, 22,000+ hospitals | | **RBL Customers** | 12 lakh total, 2.5 lakh active | | **RBL AUC** | ₹43,000 crore | | **RBL E-Gov Franchises** | 56,500 | | **RFL CRAR** | 197.6% (debt-free) | | **RHDFCL AUM** | ₹245 crore | | **RHDFCL CRAR** | 142% | | **Group Employees** | ~13,000 | | **Presence** | 1,300+ locations, 400+ cities |