Financial wellness platform Cashe has acquired insurance broking platform Centcart Insurance for an undisclosed sum, marking its entry into the insurance space.
The acquisition was made by Aeries Financial Technologies, the parent company of Cashe.
With this deal, Cashe can now offer insurance products across diverse categories from all insurance companies operating in India, including life and general insurance, it said in a statement on Wednesday.
“This acquisition represents a significant milestone in our insurance journey, bolstering our momentum and accelerating growth in this sector. It empowers us to offer a wider range of products from multiple insurance partners, capitalising on the immense potential of India’s under-penetrated insurance sector,” said V Raman Kumar, founder chairman of Aeries Financial Technologies.
Hyderabad-based Centcart Insurance holds an insurance broking license approved by the Insurance Regulatory and Development Authority of India (IRDAI).
Over the years, Cashe has expanded its presence into areas such as lending, wealth management, and now insurance. In 2022, it entered the wealth management sector with the acquisition of Gurugram-based investment platform Sqrrl Fintech in an all-cash deal.
In the past seven years, Cashe claims to have facilitated Rs 10,200-crore worth of digital loans to over 3 million users across India.
Source: Economic Times