Freo expands offerings with IRDAI license, enters insurance market

Freo, a digital finance app, is broadening its offerings by venturing into the insurance sector after securing a Corporate Agent License from India’s Insurance Regulatory and Development Authority (IRDAI).

Currently, Freo offers flexible credit, credit cards, UPI, investment and savings solutions, and insurance.

With this, the Peak XV-backed start-up aims to offer its consumer’s insurance products in partnership with top insurance provider users in over 1200 cities.

“Insurance should be simple, trustworthy, and accessible,” pointed out Kunal Varma, Co-founder and CEO of Freo. He added, “We are committed to offering a seamless experience through a fully integrated digital platform aimed at delivering more value to Freo customers.”

Freo’s insurance offerings will initially focus on essential coverage for common diseases. Additionally, it plans to roll out policies that protect against emerging risks, such as cyber fraud and job loss.

Founded in 2015 by Kunal Varma, Anuj Kacker, and Bala Parthasarathy, the start-up aims to address a wide range of financial needs, offering products that enable users to ‘pay, save, borrow, insure, and invest. 

In FY24, Freo recorded ₹99.5 crore in revenue from operations, an 8 per cent increase compared to FY23. The company also became profitable in December 2023.