LeapFrog Investments will acquire 15% stake in Mahindra Insurance Brokers (MIBL), a subsidiary of India based Mahindra & Mahindra Financial Services, by investing Rs804.1m ($15m) under a strategic partnership agreement signed by the two companies.

LeapFrog will make the investment through its Singapore-based subsidiary Inclusion Resources.

Founded in 2004, MIBL claims to have, so far, serviced 2.5 million people mainly in the rural and semi-urban regions in India, and is worth about $96m.

LeapFrog is a profit-with-purpose fund that serves consumers, especially the low-income groups, in Africa and Asia.

Mahindra Group chairman Anand Mahindra said, "This partnership is a perfect alignment between our philosophy of driving positive change and LeapFrog’s socially conscious investment strategy. Together we will provide financial services that protect and enable millions of people to secure their future."