Freo, a digital finance platform, is expanding its services by entering the insurance market, having recently obtained a Corporate Agent License from the Insurance Regulatory and Development Authority of India (IRDAI). This move allows Freo to diversify its offerings, which currently include flexible credit, credit cards, UPI services, investment, and savings solutions.
With this new license, Freo aims to provide insurance products in collaboration with leading insurance providers, reaching customers in over 1,200 cities. Kunal Varma, the co-founder and CEO of Freo, emphasized the company’s commitment to making insurance “simple, trustworthy, and accessible.” He highlighted that their goal is to deliver a seamless user experience through an integrated digital platform that adds significant value for their clients.
Initially, Freo’s insurance products will concentrate on essential coverage for common health issues. Furthermore, the company plans to introduce policies that address emerging risks, including protection against cyber fraud and job loss, thus broadening its protective offerings for users.
Founded in 2015 by Kunal Varma, Anuj Kacker, and Bala Parthasarathy, Freo aims to cater to a wide array of financial needs. The platform enables users to manage their finances by offering services that allow them to pay, save, borrow, insure, and invest efficiently.
In the fiscal year 2024, Freo reported ₹99.5 crore in operational revenue, reflecting an 8% growth from the previous year. Notably, the company achieved profitability in December 2023, marking a significant milestone in its journey. This expansion into insurance signifies Freo’s strategic move to enhance its financial ecosystem for consumers.