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Arundhati Bhattacharya to set up insurance venture

Arundhati Bhattacharya, former chairman of the State Bank of India, is said to be planning to launch an insurance business along with Sunil Mehta, former country head and chief executive of AIG, and Deepak Ishwarbhai Amin, former SBI director. A company by the name Welmo Fintech has already been registered by Bhattacharya and Mehta with a paid-up capital of Rs 1 lakh. The promoters will now be approaching the Insurance Regulatory Authority of India for the required approvals. If the company is to operate as an insurance firm, it will be required to have a minimum of Rs 100 crore as paid-up capital. The promoters are said to be looking to raise funds from VCs

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