PhonePe sells over 9 million insurance policies since Sept 2021

Digital payments major PhonePe on Thursday said it has sold over 9 million overall policies since it received its insurance broking licence in September 2021, with over 4 million being sold in the last year alone.

The Walmart-backed company had entered the insurance space in 2020 with a corporate agency licence, before acquiring a full-fledged insurance broking licence.

Currently, PhonePe distributes life, health, motor and car insurance with partners such as Acko, among others, and allows users to pay in monthly subscriptions through UPI.


“What sets PhonePe apart is its strategic partnerships with industry leaders, bringing deep expertise to co-create tailor-made offerings for its expanding customer base,” said Vishal Gupta, chief executive of PhonePe Insurance.

Insurance distribution is one of the key verticals for PhonePe, which has been looking to diversify its revenues from digital payments.

In line with this, the company last November created a group structure with individual business lines having their own heads, revenue and profits, as it works towards a possible public listing.

The company also plans to launch consumer credit on its platform and is in the final stages to partner with Axis Bank for the service.

PhonePe recently reported a registered user base of 500 million customers and 37 million merchants.

The company, which recently shifted its domicile back to India, saw its FY23 revenue rise 77% to Rs 2,914 crore on account of expansion of its payments market. The bulk of its revenues came from merchant transactions done by consumers at offline stores, ET had reported earlier.