Fintech startup InCred, which offers services across consumer, MSME and student loans, is set to make its foray into the insurance sector.
InCred’s board has given the nod to apply for a corporate insurance agency license from the Insurance Regulatory and Development Authority of India (IRDAI), as per a filing with the Registrar of Companies (RoC).
This development was first reported by Entrackr.
InCred Holdings Limited, the holding company of fintech startup InCred Financial Services Ltd, recently said it has secured commitments worth INR 500 Cr ($60 Mn) in its Series D Funding round.
The startup added it has received interest from a clutch of investors, including a global private equity fund, corporate treasuries, family offices and UHNIs, for the funding round, which will be joining the unicorn club.
Queries sent to InCred did not elicit any response till the filing of this report.
Founded in 2016 by Bhupinder Singh, the lending business of InCred Group started working as a new-age, tech and risk-analytics-focused lending institution. Its business verticals include consumer loans, student loans and micro, small and medium enterprises (MSME) lending.
InCred Group is currently operating across the BFSI sector through three separateentities – InCred Finance in lending, InCred Capital in wealth and asset management, investment banking and equities, as well as InCred Money in retail bonds and alternative investments.
InCred Finance claims to have built a INR 7,500 Cr loan book within six years, and a growth of over 50% compound annual growth rate (CAGR) over the last three years.
As urbanisation advances and rural areas embrace digital connectivity, insurtech holds significant transformative potential in the Indian insurance sector. Its digital-first strategy is creating a vast market.
India currently has three insurtech unicorns – Digit Insurance, Acko and PolicyBazaar. The space is expected to grow to $307 Bn by 2030, accounting for 14% of the Indian fintech market, as per an Inc42 analysis.
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