InCred Set to Enter Insurance Sector

InCred Financial Services Ltd, a fintech startup offering services across consumer, MSME and student loans, is making plans to venture into the insurance industry. This new direction comes following the approval from InCred’s board to apply for a corporate insurance agency license from the Insurance Regulatory and Development Authority of India (IRDAI).

Funding Secured for Expansion

The timing of this move is noteworthy as it follows the recent announcement from InCred’s holding company. It has secured commitments worth INR 500 Cr ($60 Mn) in its Series D Funding round, which potentially provides the financial backing for this new venture.

The Rising Insurtech Market in India

The decision to venture into the insurtech segment aligns with the predicted growth in this market. According to an analysis by Inc42, the insurtech segment in India is projected to grow to a substantial $307 Bn by 2030. This would account for 14% of the Indian fintech market, marking it as a significant area of potential expansion for fintech companies like InCred.

InCred’s proposed foray into the insurance sector signifies their ambition to diversify their offerings and tap into the burgeoning insurtech market in India. It remains to be seen how this move will play out and impact the fintech and insurtech landscape in the country.