Hyperlocal fintech firm, PayNearby proclaimed that the company has made its foray into the insurance sector by buying We Care Insurance Broking Services for an undisclosed sum, according to a media report.
The acquisition comes after PayNearby was granted an insurance broking licence by the Insurance Regulatory and Development Authority (IRDA), PayNearby said in its statement, as reported by daily news, VC Circle.
PayNearby, which is essentially operated by Nearby Technologies Pvt. Ltd, concentrates on Aadhaar card-based banking services, card payments, domestic payments and bill.
According to the above-cited report, following the acquisition PayNearby will release a new product named, InsureNearby which will be managed by We Cares Founder director, Murali Iyer. PayNearby will deploy its hyperlocal network and collaborate with insurance providers to promote its product. Further, the hyperlocal fintech company will coach its retail partners to circulate insurance products in the market.
Given the low penetration of insurance in the country, most Indians remain vulnerable to lifes unpredictability, Founder and CEO of PayNearby, Anand Kumar Bajaj told the daily news.
We hope to mitigate this by making insurance available through our network, in a format and construct that is easily available to all, Bajaj added.
PayNearby was founded in 2016 and operates a blend of B2B and B2C model. The company was established by 4 co-founders that are: Anand Bajaj, Yashwant Lodha, Rajesh Jha and Subhash Kumar.