Fintech startup InCred, known for its consumer, MSME and student loan services, is expanding its portfolio into the insurance sector.
InCred's board has approved the application for a corporate insurance agency license from the Insurance Regulatory and Development Authority of India (IRDAI).
With the insurtech part projected to reach USD 307 billion by 2030, constituting 14 per cent of India's fintech market, InCred aims to tap into this growing industry.
The move follows the recent Series D funding commitment of Rs 500 Crore for InCred Financial Services Ltd., positioning the company for unicorn status.
The funds are intended to enhance lending products and support InCred's entry into the insurance domain.
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