PhonePe receives insurance broking licence from IRDAI

Mumbai: PhonePe has received an insurance broking licence from the industry regulator, a crucial win when India’s biggest digital payments operators by transactions is looking to turn into a full-stack financial services provider.

The fintech startup, part of the Walmart-owned Flipkart Group, can now distribute policies from all companies across categories thereby helping the firm diversify its offerings while also being able to offer recommendations. PhonePe started selling insurance policies as a corporate agent last year, which allowed it to list insurance plans from three companies each from the life, health and general insurance categories.