Financial wellness platform Cashe has taken a significant step into the insurance market with the acquisition of insurance broking platform Centcart Insurance. This acquisition, carried out by Aeries Financial Technologies, Cashe’s parent company, enables Cashe to offer a wide range of insurance products across various categories. These products will be sourced from all insurance providers operating in India, covering both life and general insurance.
In a statement released on Wednesday, V Raman Kumar, founder and chairman of Aeries Financial Technologies, emphasized the importance of this acquisition. “This acquisition marks a pivotal moment in our journey within the insurance sector. It enhances our capabilities and accelerates our growth, allowing us to offer an extensive array of products from multiple insurance partners. This is especially significant given the vast potential within India’s under-penetrated insurance market,” he said.
Centcart Insurance, based in Hyderabad, possesses an insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). Cashe has steadily expanded its offerings beyond lending into wealth management and now, insurance. In 2022, the company ventured into the wealth management sector by acquiring Gurugram-based investment platform Sqrrl Fintech in an all-cash transaction.
Over the last seven years, Cashe has facilitated digital loans amounting to Rs 10,200 crore for over 3 million users across India.
