Wipro Limited, through its step-down subsidiary Wipro IT Services, LLC, is set to acquire an additional 20% stake in Aggne Global Inc. This follows an initial 60% acquisition completed in February 2024. The new transaction, expected to conclude by June 5, 2026, will increase Wipro IT Services’ total shareholding in Aggne Global Inc. to 80%, further solidifying its presence in the Insurtech sector.
Wipro Expands Insurtech Footprint
Wipro Limited has announced its intention to acquire an additional 20% stake in Aggne Global Inc. This strategic move is being executed by Wipro IT Services, LLC, a step-down subsidiary of Wipro Limited. This acquisition is a continuation of Wipro’s prior investment, which saw them acquire a 60% stake in Aggne Global IT Services Private Limited and Aggne Global Inc. in February 2024. The initial transaction was completed on February 14, 2024.
Increased Shareholding and Future Outlook
The current transaction aims to increase Wipro IT Services, LLC’s overall shareholding in Aggne Global Inc. to 80%. The completion of this additional stake purchase is anticipated by June 5, 2026. This expansion is expected to further strengthen Wipro’s competitive position within the insurance sector, particularly in driving advancements related to Artificial Intelligence (AI) and Intellectual Property (IP)-led transformations for the Property & Casualty (P&C) insurance market.
About Aggne Global Inc.
Aggne Global Inc. is part of the Aggne Group, which comprises Aggne Global Inc. and its affiliate Aggne Global IT Services Private Limited. The group operates within the Information Technology, consulting, and managed services domain, specifically focusing on the Property & Casualty Insurance industry. Aggne Group is characterized as a fast-growing Insurtech company, offering a comprehensive suite of AI and Intellectual Property-driven services designed to assist insurers in optimizing operations, enhancing efficiencies, and delivering superior customer experiences. For the financial year ended March 31, 2024, Aggne Group reported an annual turnover of USD 18.9 Mn. This increased to USD 24.2 Mn in FY25 and reached USD 27.5 Mn in FY26.
Transaction Details
The consideration for this additional stake acquisition is set at USD 28.5 Million (attributable to Aggne Global Inc.), subject to customary closing adjustments. The nature of the consideration is cash. The transaction is expected to be completed by June 5, 2026. No government or regulatory approvals are required for this particular acquisition.
It is confirmed that this acquisition does not fall within the scope of related party transactions, and neither the promoter, promoter group, nor any group companies have an interest in the entity being acquired.
Source: BSE
