InCred will seek a corporate insurance agency licence from the Insurance Regulatory and Development Authority of India (IRDA). Credit: Deemerwha studio/Shutterstock.com.

Indian fintech company InCred is planning to enter the insurance business and will seek a corporate insurance agency licence from the IRDA, Entrackr has reported.

The company currently manages lending businesses by providing loans to consumers, micro, small and medium enterprises (MSMEs) and students.

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Its board approved a resolution to seek an IRDA licence, a regulatory submission made to the Registrar of Companies showed.

On receipt of the licence, InCred will compete with various non-banking financial companies and banking, financial services and insurance companies that offer lending and insurance services under a single enterprise.

Earlier this month, InCred secured Rs5bn ($60m) for its Series D financing round, placing the company among various unicorns or billion-dollar-valued companies in the country. 

The investors that participated in the funding round included corporate treasuries, international equity funds, family offices and ultra-high-net-worth individuals.

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In a prior media release, InCred had said: “The equity capital of Rs500cr (Rs5bn) will be strategically deployed across InCred’s core business verticals: consumer loans, student loans and MSME Lending, all three of which have seen strong growth.” 

The company entered a strategic merger deal with KKR India Financial Services, the non-bank lending business of US private equity company KKR, in 2021.

Following this merger, InCred unveiled a Rs10bn Alternate Investment Fund.

The company also reported Rs1.70bn in profits before tax for the first half of FY2024.