Chola tie up with Stemade Biotech

Stemade Biotech enters into a strategic tie-up with Cholamandalam to provide “Bio-Insurance” in India

Chennai, September 22^nd, 2011: Stemade Biotech, a company that has ushered in the innovative concept of Dental Stem Cell Banking in India, has entered into a strategic tie-up with Cholamandalam Distribution Services Limited which is a 100% subsidiary of Cholamandalam Investment and Finance Company Limited (CIFCL) to provide its customers with “Bio-Insurance”, as part of its initiative in providing a one stop shop for all financial needs. The two companies have signed an agreement of understanding to create awareness and promote the concept of Dental Stem Cell Banking in India.

Through this tie-up, Stemade Biotech will provide all training, technical, logistics and product related services to Cholamandalam and its customers. On the other hand Cholamandalam will take all the necessary inputs provided by Stemade and educate their customers of the Murugappa group incl.those (Vendors/Customers) on the benefits of Dental Stem Cell Banking that will help further awareness of the concept.

This transaction is the first in a series of carefully planned internal and external moves to position Stemade Biotech as the first and only private dental stem cell bank in the country. Starting up its operations in late 2010, the company in the span of 10 months has been able to enter into a strategic tie-up with CDSL.  Stemade in its stride to attain success plans to open ten more offices in various cities by this fiscal-end and a major launch in Singapore.

Speaking at the occasion, Mr. Shailesh Gadre, Founder and Managing Director, Stemade Biotech Pvt. Ltd said, “Our key focus is to secure a family’s future and to be aware of a concept like Dental Stem Cell Banking. It is Stemade’s endeavor to take this concept to as many households as possible. With Chola’s reach, strong customer relationships and understanding of the ‘Insurance product’ segment, we believe that many more customers will be able to benefit from this concept. We thank Cholamandalam for partnering with us to meet the future needs of their customers.”

Mr. D. Arulselvan, Chief Financial Officer, Cholamandalam Investment & Finance Company Ltd said “As an organization with strengths across the financial space, this tie-up with Stemade will enable us to offer Bio Insurance to our customers. We will work together with Stemade to provide the necessary reach to take this unique product to the multiple customer base of CDSL / Murugappa group.

Mr.BC Vengadachalam Head CDSL said, “To Be One Stop Shop for All Financial Needs of the Customer”.  As a leading financial distributor in India we will take all the necessary inputs from Stemade, educate our customers about this new concept explain the benefits in detail, provide all information and get the best out of this. We are looking at a win-win situation for our customers, Stemade and CDSL. We have close to 5 lakh customers within the Murugappa group (including our vendors/Customers) which can help us to penetrate the market with ease.