InCred is diversifying its services by entering into the insurance sector. The board of InCred has given the green light to the application for a corporate insurance agency licence from the Insurance Regulatory and Development Authority of India (IRDAI).
As the insurtech segment is predicted to reach $307 billion by 2030, representing 14 per cent of India’s fintech market, InCred is positioning itself to capitalise on this burgeoning industry. The move comes on the heels of a recent Series-D funding commitment of Rs 500 crore for InCred Financial Services, positioning the company on the path to unicorn status.
The allocated funds are earmarked to bolster lending products and facilitate InCred’s foray into the insurance domain.