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.
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.