Payment firm PhonePe receives broking licence from insurance regulator

The broking license will allow it to start offering personalised product recommendations to its more than 300 mn users, and offer a much more diverse portfolio of insurance products for consumers

Walmart-backed payment firm PhonePe 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 licence will allow it to start offering personalised product recommendations to its more than 300 million users, and offer a much 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 &