Indian financial wellness platform Cashe has entered the insurance broking market with the acquisition of Centcart Insurance Broking Services.
Cashe executed this acquisition through its parent company Aeries Financial Technologies.
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Based in Hyderabad, India, Centcart Insurance is licensed by the Insurance Regulatory and Development Authority of India to operate as an insurance broker.
With Centcart’s acquisition, Cashe aims to position itself to offer a wide range of insurance products from all insurance companies in India.
This includes both life and general insurance categories.
The latest move is also in line with Cashe’s commitment to the rural and semi-urban markets, aiming to increase insurance penetration, which is currently lower than in metropolitan and Tier I cities.
The Economic Times quoted Aeries Financial Technologies founder chairman V Raman Kumar as saying: “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.”
Established in 2016, Cashe primarily serves millennials and Generation Z, offering services such as personal loans, credit lines, ‘Buy Now Pay Later’ options and an embedded card business.
It utilises AI and machine learning to assess creditworthiness.
Cashe has been diversifying its offerings, venturing into lending, wealth management, and now insurance.
Over the past seven years, Cashe has reportedly provided digital loans worth Rs102bn ($1.2bn) to more than three million users in India.
Cashe’s user base, which exceeds 50 million, will now have access to tailored insurance recommendations.
The company also plans to equip its team with the necessary training to market and sell insurance policies.
