Focus Outlook

Fintech unicorn InCred poised to enter the realm of Insurtech with upcoming initiatives


InCred, the versatile fintech startup, is expanding its horizons into the insurance domain after obtaining approval to pursue a corporate insurance agency license from the Insurance Regulatory and Development Authority of India (IRDAI). The news was disclosed in a filing with the Registrar of Companies (RoC) and initially reported by Entrackr. This strategic leap comes as InCred Holdings Limited, the parent company of InCred Financial Services Ltd, recently secured commitments worth INR 500 Cr ($60 Mn) in its Series D Funding round. A global private equity fund, corporate treasuries, family offices, and UHNIs have expressed keen interest in joining this round, catapulting the startup into the coveted unicorn club.

READ MORE: Insurtech Disruption: Snapsheet’s Journey in Insurance Innovation

Despite attempts to reach out, InCred remains mum on the developments as queries sent their way yielded no response at the time of this report. Incepted in 2016 by Bhupinder Singh, InCred Group swiftly evolved its lending business into a tech and risk-analytics-driven institution. It currently operates across the BFSI sector through three distinct entities: InCred Finance specialises in lending, InCred Capital focuses on wealth management, asset management, investment banking, and equities, and InCred Money deals in retail bonds and alternative investments.

With an impressive INR 7,500 Cr loan book built in just six years, InCred Finance boasts a remarkable growth rate of over 50% compound annual growth rate (CAGR) in the last three years.

READ MORE: The Digital Vanguard: Kumaran Systems’ Journey from Legacy Overhaul to AI-Powered Innovations

In the Indian financial landscape, Insurtech holds promising prospects, especially as urbanization spreads and rural areas embrace digital connectivity. InCred’s strategic move into the insurance sector aligns with this trend, expanding its digital-first strategy to tap into a burgeoning market.

India already boasts three Insurtech unicorns – Digit Insurance, Acko, and PolicyBazaar – and the sector is poised for exponential growth. Estimates suggest the sector could reach $307 Bn by 2030, claiming a notable 14% share of the Indian fintech market, according to an Inc42 analysis.


TradeBeyond Introduces AI-Powered Supply Chain Traceability Tools

Hong Kong, April 23, 2024 — TradeBeyond, a leader in retail supply chain management solutions, has announced a...

Report: Online Fashion Shopping Dominates Global E-commerce Scene

Online fashion shopping is dominating the global e-commerce landscape, according to the latest ConsumerX 2024 report, with 56.1%...

US Dollar Slips Against Yen as Fed’s Waller Reaffirms No Rate Hikes

On Tuesday, the U.S. dollar experienced a slight decline against the yen amid a volatile trading session. Federal...

E-Invoicing – QR Code for B2C Transactions

E-invoicing is a system where all business-to-business (B2B) invoices are checked and approved electronically by the GST Network...