Cashe Enters Insurance Broking with Centcart Acquisition

Mumbai, Jul 10 (PTI) Credit-focused Cashe said its parent company has acquired Centcart Insurance Broking Services for an undisclosed sum to help the fintech platform expand into distributing insurance.

The 100 per cent acquisition of Centcart was done by Aeries Financial Technologies and follows a similar route adopted by the company to enter into wealth management space in 2022 by acquiring Sqrrl, as per a statement.

The Centcart buy will help Cashe sell insurance plans across life and general insurance categories from all insurance companies in India, it said.

The company will now provide policy recommendations, claims assistance, customised risk management solutions, instant quotes and online purchasing options for policy buying, it said.

The statement also called it a "strategic acquisition" that aligns with Cashe's focus on rural and semi-urban sectors, the statement said, adding that its teams will be trained to sell insurance policies.

At present, Cashe has 5 crore customers on its platform. Aeries' founder V Raman Kumar said Cashe will be able to provide personalised product recommendations to all 5 crore users of the platform.

"This acquisition represents a significant milestone in our insurance journey, bolstering our momentum and accelerating growth in this sector," Kumar said.

The statement said the insurance broking industry's revenues are estimated to grow at 25 per cent in 2024, helped by increased insurance penetration and the growing demand for insurance products.