The Insurance Regulatory and Development Authority of India (IRDAI) has granted insurtech company BimaKavach a direct insurance broking license, allowing it to expand its insurance offerings for corporate customers. With a focus on small and medium-sized businesses (SMEs), the Indore-based startup is an expert in offering corporate insurance solutions. It provides a selection of 18 insurance policies that include policies for liability, assets, engineering, marine, and group health insurance.

BimaKavach has set a target of achieving Rs 100 crore in gross written premiums (GWPs) by the fiscal year 2024-2025. Tejas Jain, the founder of BimaKavach, stated, “This launch has been a three-year journey working with top insurance and reinsurance companies to create industry-specific products. We intend to remove misselling so each business can get the right coverage at the right price.”

This development coincides with a growing interest in insurtech startups in India, with the sector experiencing robust growth and attracting prominent investors. For instance, Delhi NCR-based insurtech firm InsuranceDekho recently secured $60 million in funding, led by Mitsubishi UFJ Financial Group, and featuring participation from BNP Paribas Cardif and other investors. Additionally, insurtech startup Onsurity recently raised $24 million in a funding round led by the International Finance Corporation (IFC). BimaKavach had previously secured $2 million in a seed funding round last year, with WaterBridge Ventures as the lead investor. The company has disclosed plans for another fundraising effort in 2024.