Walmart-backed Phonepe gets Irdai’s nod on broking licence

Walmart-backed payment firm, Phone Pe, on Monday said it has received a broking licence from the insurance regulator, which will enable it to distribute insurance products from all insurance companies in the country. In a statement, the company said, the new broking license will allow it to start offering personalised product recommendations to its more than 300 million users, and offer a more diverse portfolio of insurance products for Indian consumers. “Phonepe is India’s fastest-growing insurtech and this move to broking will give us further momentum and accelerate our growth in this space,” said Gunjan Ghai, vice-president & head of insurance at Phonepe. “We are building a robust, full service platform for our deeply engaged customer base through innovative products in partnership with high quality insurers,” he further said.