Capri Global Capital Limited has received a composite corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI) to distribute life, general and health insurance products, a statement from the company notified.
It said that the company aims to leverage its robust branch network in north and west India to cross-sell insurance products. It shall offer tailored insurance solutions to its borrower clients giving them an option to cover themselves comprehensively against life and non-life risks.
Rajesh Sharma, MD and CEO, stated in the statement, “The company’s active client base increased 5x YoY to 270K as of September 23. The increasing client relationships offer Capri Global a captive base to improve insurance penetration and contribute to the ‘Insuring India by 2047’ mission. This will also help the company strengthen its fee income and deliver better return to its stakeholders. The company expects to generate a net fee income of Rs 200 million from insurance cross-sell in FY25.”
The company offers retail loans in MSME, affordable housing and gold loan segments. It mainly lends to borrowers in the self-employed non-professional category, concluded the statement.
