Aeries Financial Technologies Pvt. Ltd, which operates fintech startup CASHe, said Wednesday it has forayed into insurance broking services with the acquisition of Hyderabad-based Centcart Insurance Broking Services Pvt. Ltd.
The acquisition will help CASHe expand its presence across key sectors of the fintech industry, including lending, wealth management, and insurance domains, the company said in a press release. It didn’t disclose financial terms of the deal.
CASHe said that, with a direct insurance broker licence, it can now sell life, health and vehicle insurance products from all insurance companies operating in India. The company will recommend policies to potential customers, help them buy insurance online, and assist in claims, it said.
The acquisition also aligns with CASHe's focus on rural and semi-urban sectors, aiming to bridge the gap in insurance penetration compared to metro and tier-1 cities, the company said.
“India, as one of the fastest-growing economies globally, has experienced a surge in demand for insurance products and services, resulting in a notable increase in insurance penetration through brokers,” said V. Raman Kumar, founder chairman of Aeries Financial.
“The new broking licence also enables CASHe to provide personalized product recommendations to its over 50 million users on its platform and offers a diverse portfolio of insurance products to users across India,” Kumar added.
Founded in 2016, Mumbai-based CASHe is a financial platform that offers short-term credit, insurance, and investment solutions. It claims to have disbursed Rs 10,200 crore worth of digital loans to over 3 million users across India over the last seven years.
It has raised over $37 million funding. It last raised capital from Singapore-based holding company TSLC Pte Ltd in January 2022. Its other investors included former Blackstone executive Mathew Cyriac-led Florintree Advisors, but the firm has exited.
*The headline and text of this article have been modified to update that Florintree has exited CASHe.
