Mumbai: Capri Global Capital(CGCL) has secured a composite corporate agency license from the Insurance Regulatory and Development Authority of India (IRDAI). This license allows CGCL to distribute life, general, and health insurance products to its customers and earn commission.
Leveraging its branch network in North and West India, CGCL aims to cross-sell insurance products to its customers. The company also plans to provide tailored insurance solutions to its borrower clients, offering comprehensive coverage against life and non-life risks.
Specializing in retail loans in the MSME, affordable housing, and gold loan segments, CGCL primarily serves borrowers in the self-employed non-professional category. As of September 2023, CGCL’s consolidated Assets Under Management (AUM) stood at Rs12360 crore, reflecting a 59% Year-on-Year growth. The non-interest income for the half-year ended September 2023 reached Rs161 crore, indicating a 58% year-on-year increase.
“CGCL’s active client base increased 5x YoY to 270K as of Sep ’23. The rapidly increasing client relationships offer CGCL a captive base to improve insurance penetration and contribute to the ‘Insuring India by 2047’ mission. This will also help CGCL strengthen its fee income and deliver better return to its stakeholders. The company expects to generate a net fee income of Rs200 million from insurance cross-selling in FY25,” said Rajesh Sharma, MD & CEO of CGCL.
Capri Global Capital, is a diversified NBFC with a presence across two verticals – MSME loans and home loans. The company is promoted by Sharma and listed on the BSE and NSE. The company has provided over 21,000 home loans and cultivated 24,000 relationships with small businesses.