PhonePe, a Walmart-backed fintech company, has partnered with insurers to launch vehicle insurance for two-wheelers and four-wheelers. Users can now compare policies and purchase insurance directly through the PhonePe app.

Since obtaining its insurance broking license from Insurance Regulatory and Development Authority (IRDAI) in 2021, the company has been offering life, health, and travel insurance.

It aims to expand its presence in the insurance market, with potential savings of up to 4,000 rupee (US$46.71) on two-wheeler insurance and up to 40,000 rupee (US$467.11) on four-wheeler insurance.

This announcement comes as PhonePe prepares for its IPO, following a reported adjusted profit of 197 crore rupee (US$23 million) for FY 2023-24, a recovery from a loss of 738 crore rupee (US$86.18 million) the previous year.

The company is also expanding into digital commerce and app store platforms.

With over 48% market share in India’s UPI sector as of January 2025, PhonePe continues to strengthen its position in the fintech space.

Recent PhonePe developments