Capri Global Capital Ltd’s (CGCL) shares jumped more than 15% on Tuesday after the non-banking financial company announced that it received the licence to distribute insurance products and its plans to develop an insurance platform.

Capri Global Capital’s shares hit an intraday high of Rs 939.95, 15.5% higher than their previous closing price on the National Stock Exchange (NSE). At 02 pm, the stock was trading 12.4% higher at Rs 914.30.

According to the regulatory filing dated January 16, Capri Global Capital received a composite Corporate Agency licence from the Insurance Regulatory and Development Authority of India (IRDAI) in December 2023 to develop a platform to distribute life, general and health insurance products.

The NBFC intends to leverage technology to revolutionise the way insurance products and services are delivered to customers. The platform’s payment policy will include digital wallets, credit cards, net banking and debit cards.

Capri Global Capital plans to automate claims processing and customer support services using data analytics, artificial intelligence, and blockchain to reduce the cost of operations and improve customer satisfaction.

The company will offer insurance products and services through its website, app and call centres. It also aims to leverage its robust branch network in north and west India to cross-sell insurance products. 

CGCL is targeting total assets under management (AUM) of more than Rs 15,000 crore for the financial year 2025. The company offers retail loans in MSME, affordable housing and gold loan segments mainly to borrowers in the self-employed non-professional category.