Digital payments firm MobiKwik has filed an application with the Insurance Regulatory Development Authority (IRDA) for a corporate agency (composite) licence.
The new licence will enable the Indian company to sell health, general and life insurance policies. It is already offering sachet size insurance products, reported Entrackr.
Upon securing the IRDA nod, MobiKwik will join the league of companies including PhonePe, Paytm and Quikr who also sell insurance products.
The corporate agency licence will enable MobiKwik to offer insurance products from a range of companies such as Reliance, Bajaj Allianz Insurance, ICICI Lombard, Aditya Birla, similar to PolicyBazzar.
MobiKwik teamed up with SBI General Insurance to sell insurance through its Mobikwik app.
MobiKwik, which started as a mobile wallet in 2009, also offers mutual fund, loans, as well as other financial products and services.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
It has also secured funding from Bajaj Finance, along with Television Ltd (NDTV) as well as Trifecta Capital to boost its operational efficiency.
Recently, MobiKwik selected New York-based investment bank Goldman Sachs to search for investors as part of its plan to transform into a financial services company.
It is also planning to launch an initial public offering (IPO) in the future; however, the company has not revealed any details about the plan.