Leeds-based CPP Group has agreed terms to sell CPP Assistance Services Private Ltd (CPP India) for £15.7m.
The transaction marks a significant milestone in the group’s strategic transformation. Upon completion, CPP Group will fully exit from its legacy operations and complete its evolution into a focused parametric InsurTech business, Blink.
The proceeds of the proposed sale of CPP India, in addition to £6.1m to be received following the disposal of CPP Turkey, will be used to accelerate investment in Blink’s commercial and technology roadmap, restructure and materially reduce central costs and support working capital requirements.
CPP India is a provider of assistance and protection services, offering a range of white labelled products in collaboration with banks, NBFCs, and financial technology businesses across India. CPP India’s core offerings include Card Protection for lost or stolen cards, FoneSafe insurance for mobile devices, Asset Secure extended warranties for consumer electronics, and LivPlus wellness packages.
With 85% of FY2024 revenue derived from a single partner, limited growth prospects, rising regulatory pressure, and a requirement for further investment, CPP Group believes a sale is in the best long-term interests of both CPP India and the Group.
CPP Group has agreed terms with OneAssist Consumer Solutions Private Limited and Bolttech Device Protection India Private Limited, both privately owned businesses headquartered in India, for the disposal of CPP India.
Simon Pyper, CEO of CPP Group, said: “The sale of CPP India marks another key milestone in our strategic transformation. Alongside the earlier disposal of CPP Turkey, this deal simplifies the Group and strengthens our ability to accelerate investment in Blink.”
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