India’s insurance technology sector has arrived at an inflection point that very few predicted even five years ago. As of January 2026, India has 518 active InsurTech companies that have collectively raised $4.22 billion in funding to date. According to a report by Boston Consulting Group and the India InsurTech Association, over the past five years the sector has witnessed a 12-fold increase in revenue, reaching $750 million, while cumulative funding has surpassed $2.5 billion, bringing the total ecosystem valuation to over $13.6 billion.
What is driving this? India’s insurance penetration still sits well below the global average, meaning the market’s ceiling is enormous. Simultaneously, the rapid spread of smartphones, UPI-enabled digital payments, and IRDAI’s increasingly innovation-friendly regulatory posture have created the perfect conditions for technology-first insurance companies to do what traditional insurers could not — reach first-time buyers in tier-2 and tier-3 cities, price products dynamically, and settle claims in minutes rather than months. The Indian insurtech market is projected to reach a valuation of $11.9 billion by 2033, growing at a CAGR of 29.10% from 2025 to 2033.
Here is a definitive, data-driven look at the ten InsurTech startups that are shaping India’s insurance story in 2026.
1. PolicyBazaar — The Category Creator
Founded: 2008 | Headquarters: Gurugram | Status: Publicly Listed (NSE: POLICYBZR)
If InsurTech in India has a founding story, it belongs to PolicyBazaar. Founded over 16 years ago, it remains the benchmark against which every other insurance aggregator is measured. As of 2025, the company’s market cap stands at over $9 billion. PolicyBazaar works with more than 390 insurance policies from about 51 insurance companies, allowing consumers to compare policies by cost, coverage, and features in a format designed for someone who has never bought insurance before.
What keeps PolicyBazaar relevant in 2026 is not just its scale — it is the trust infrastructure it has built over nearly two decades. Its Paisabazaar arm has expanded the group’s financial services reach well beyond insurance. No list of India’s InsurTech leaders is complete without it at the top.
2. ACKO General Insurance — The Digital-Native Insurer
Founded: 2016 | Headquarters: Bengaluru | Total Funding: $598 million
ACKO has raised $598 million — the highest among all funded InsurTech companies in India as of January 2026. Founded by Varun Dua, ACKO took a fundamentally different approach from aggregators: rather than helping people compare existing insurance products, it became a licensed insurer itself and built its products entirely on a digital backbone.
ACKO, established in 2016 by Varun Dua and Ruchi Deepak, is a digital-first insurance and financial services provider that uses technology and data analytics to simplify and tailor insurance products. Its embedded insurance partnerships — with Amazon, Ola, and others — meant that millions of Indians bought their first insurance policy through ACKO without even fully realising they were choosing an insurer. Its health insurance product has become a serious competitor to traditional group health plans. With the deepest funding pool in the sector, ACKO enters 2026 with the resources to sustain its product expansion.
3. Go Digit Insurance — The Publicly Listed Disruptor
Founded: 2017 | Headquarters: Bengaluru | Total Funding: $538 million+
Go Digit Insurance has raised a total funding of over $538 million since 2017 and is reshaping the Indian insurance industry with a customer-centric and innovative approach. Backed by Fairfax Financial Holdings and co-founded by former Allianz executive Kamesh Goyal, Digit Insurance is one of the few InsurTech companies to have completed a successful IPO while remaining genuinely innovative in its product design.
Two product innovations stand out as signals of how differently Digit thinks. Digit covers flight delays exceeding 75 minutes — whereas other insurance firms only cover delays beyond six hours — and its “Pay As You Drive” (PAYD) scheme for car insurance benefits customers who drive less. These are not gimmicks; they reflect an underlying philosophy that insurance should be priced for how people actually live, not for how actuarial tables assume they live. With a listed stock and consistent growth, Digit is one of the most structurally credible stories in Indian InsurTech.
4. InsuranceDekho — The Consolidated Powerhouse
Founded: 2016 | Headquarters: Gurugram | Total Funding: $362 million
InsuranceDekho’s 2025 story is the most dramatic consolidation move in Indian InsurTech history. InsuranceDekho completed a major merger with competitor RenewBuy in May 2025 in a deal valued at approximately ₹7,400 crore. RenewBuy was acquired by InsuranceDekho at a valuation of $210 million. The merged entity now operates one of the largest insurance distribution networks in India.
InsuranceDekho’s annual revenue stood at ₹1,310 crore as of March 31, 2025 — representing 73% year-on-year growth. The company’s B2B2C model — empowering over 150,000 POSP (Point of Sale Person) agents across 98% of India’s PIN codes with AI-driven quoting, renewal, and claims tools — gives it a distribution depth that few digital-first competitors can match. InsuranceDekho’s SaaS platform, Heph, is gearing up for international expansion, with plans to enter West Asia and Southeast Asia by end of FY26.
5. Turtlemint — The Advisor Empowerment Platform
Founded: 2015 | Headquarters: Mumbai | Funding: $120 million+
Turtlemint has carved out a strategically distinct position in the InsurTech landscape by choosing not to compete with insurance agents but to arm them. Its platform gives independent financial advisors and insurance agents a complete technology stack — policy comparison, digital onboarding, customer management, and claims assistance — that enables them to serve customers far more efficiently than the traditional manual process allows.
Turtlemint’s insurance arm saw revenue from operations surge 3.2 times to ₹505.05 crore in FY24, according to its annual financial statement. Turtlemint, which operates the SaaS platform Turtlefin, is actively exploring acquisitions to enter newer geographies like Southeast Asia and is already present in West Asia. The bet on agent-first distribution rather than direct-to-consumer disruption has turned out to be well-placed in a country where face-to-face trust still drives a significant share of insurance buying decisions.
6. Zopper — The Embedded Insurance Infrastructure Builder
Founded: 2011 (pivoted to InsurTech) | Headquarters: Noida | Recent Funding: $25 million (2025)
Zopper eyes expansion after raising $25 million, with an IPO likely in 3 to 5 years. Zopper’s model is fundamentally different from consumer-facing insurance platforms — it operates as a B2B infrastructure layer that enables banks, NBFCs, microfinance institutions, e-commerce platforms, and retail brands to embed insurance products directly into their customer journeys.
Zopper is an InsurTech platform providing modular, IRDAI-compliant APIs and end-to-end solutions that digitise insurance distribution, enabling seamless embedding of products like device protection, extended warranties, health, life, motor, and travel insurance directly into customer journeys at point-of-sale, checkout, or lending processes — handling policy issuance, servicing, claims, compliance, and payouts. In the world of embedded finance — where insurance becomes part of a product purchase rather than a separate decision — Zopper is one of India’s most important infrastructure players. Its IPO trajectory makes it one to watch closely.
7. Riskcovry — The Insurance API Platform
Founded: 2018 | Headquarters: Mumbai
Riskcovry solves one of the most persistent problems in India’s insurance distribution ecosystem: the technological fragmentation that makes it painfully difficult for banks, NBFCs, and digital platforms to offer insurance to their existing customers. Riskcovry is an InsurTech infrastructure platform that enables banks, NBFCs, microfinance companies, insurance brokers, corporate agents, and digital platform organisations to offer insurance in an end-to-end digital manner through a unified platform that allows any enterprise to seamlessly offer any insurance product from any insurance provider of their choice.
Think of Riskcovry as the plumbing that makes insurance distribution scalable — its unified API connects an enterprise to the entire insurance market without requiring bespoke integrations with each individual insurer. For the hundreds of digital platforms in India that want to offer insurance to their users but cannot justify building the compliance and technology infrastructure from scratch, Riskcovry is the fastest, most practical route. As embedded insurance becomes the dominant distribution paradigm in India, infrastructure players like Riskcovry become increasingly indispensable.
8. Toffee Insurance — The Micro-Insurance Innovator
Founded: 2017 | Headquarters: Gurugram
Toffee Insurance has built its entire identity around a radical simplification of what insurance is supposed to be: not a dense legal document that intimidates buyers, but a specific, affordable, immediately comprehensible protection for a specific thing in your daily life. Its products — covering everything from dengue fever to bicycle theft to hostel fire damage — are designed to be bought in minutes and understood instantly.
This micro-insurance model is particularly well-suited to India’s vast first-time insurance buyer population, where the complexity and perceived expense of traditional policies has historically been the primary reason for non-purchase. Toffee is backed by investors including Kalaari Capital and has been actively expanding its product range. In 2026, as IRDAI continues to push for broader insurance penetration in underserved demographics, Toffee’s model of small-ticket, easy-to-understand products is exactly the kind of innovation the regulator wants to see more of.
9. Even Healthcare — The Employer Health Benefits Reimaginer
Founded: 2019 | Headquarters: Bengaluru | Investor: Khosla Ventures
Khosla Ventures-backed Even Healthcare is targeting fresh funding as of mid-2025. Even Healthcare operates in the group health insurance space but with a model that goes well beyond simply facilitating group policy purchases. Its platform integrates health benefits management, preventive care, OPD coverage, and digital health tools into a single employee wellness infrastructure that employers can offer as a comprehensive health benefit.
The insight behind Even’s model is that India’s traditional group health insurance — which typically only covers hospitalisation — leaves enormous gaps in employee healthcare needs, particularly around outpatient treatment and preventive care. By building a platform that addresses the full spectrum of employee health needs, Even is competing not just for insurance wallet share but for the entire employee health benefits conversation. Khosla Ventures’ backing signals international investor confidence in the model’s scalability.
10. SecureNow — The SME Insurance Specialist
Founded: 2011 | Headquarters: Gurugram
SecureNow has spent 14 years doing something that most InsurTech startups have largely ignored: building a specialised commercial insurance platform for India’s small and medium enterprises. Most InsurTechs chased the large consumer market of motor and health insurance. SecureNow went after the deeply underserved SME segment — businesses that need fire insurance, liability coverage, directors’ and officers’ insurance, cyber insurance, and marine cargo policies but have historically been unable to access these products affordably or conveniently.
An innovative player in the Indian InsurTech world, SecureNow was established in 2011 with the vision to deliver unfettered commercial insurance solutions to small and medium-sized businesses utilising a robust InsurTech system. With India’s MSME sector being one of the world’s largest by business count, the addressable market for SME commercial insurance is enormous and significantly underpenetrated. SecureNow’s 14-year track record, deep product expertise, and established broker relationships give it a structural moat that newer entrants would find very difficult to replicate quickly.
The Bigger Picture
What the ten companies on this list collectively illustrate is the maturity that India’s InsurTech sector has reached. The first wave was about aggregation — helping consumers compare policies online. The second wave brought digital-native insurers like ACKO and Digit who rebuilt insurance products from the ground up. The third wave, now well underway, is about infrastructure, embedding, and reaching the segments — rural buyers, SMEs, gig workers, first-time health insurance purchasers — that the first two waves left behind.
In the last 10 years, the InsurTech sector in India saw total funding of more than $3.9 billion, with the highest single-year funding of over $820 million recorded in 2021. The consolidation evident in 2025 — most notably the InsuranceDekho-RenewBuy merger — signals that the market is moving from growth-at-all-costs toward scale, profitability, and sustainable competitive advantage. The companies that will define Indian InsurTech in the next decade are already on this list. The question is which of them builds the trust, the technology, and the distribution depth to graduate from startup to institution.
