In an era where digital technology has revolutionized traditional methods, Thech’s innovative ventures harness the power of data analytics, AI, and digital platforms to redefine insurance technology accessibility, efficiency, and customer experience, reshaping the insurance landscape. Let’s delve into India’s insurance technology sector with a comprehensive look at the top 15 startups revolutionizing the insurance sector.

1. Acko General Insurance

• Founders: Devendra Kumar Rane (Founder), Varun Dua (Co-Founder & CEO), Ruchi Deepak (Co-Founder)
• Founded Year: 2016
• Location: Bangalore, Karnataka, India
• Company Stage: Series D
• Total Funding: $541M
• Latest Funding Round: $15.9M, Feb 10, 2022
• Annual Revenue: Rs 1,758.6 Cr
• Business Model: D2C
• Total Downloads: 5M+
• Employee Count: 501-1,000 employees

2. RenewBuy

• Founders: Balachander Sekhar (Co-Founder & CEO), Devesh Joshi (Co-Founder), Indraneel Chatterjee (Co-Founder)
• Founded Year: 2015
• Location: Gurgaon, India
• Company Stage: Series D
• Total Funding: $145M
• Latest Funding Round: $40M, Series D, Jul 18, 2023
• Annual Revenue: $26.6M as of Mar 31, 2022
• Business Model: B2C
• Total Downloads: 100K+
• Employee Count: 1,001-5,000 employees

3. Coverfox

• Founders: Devendra Rane (Ex-Co-Founder & CEO), Varun Dua (Ex-Co-Founder)
• Founded Year: 2013
• Location: Mumbai, India
• Company Stage: Series C
• Total Funding: $55.1M
• Latest Funding Round: $5.8M, Series C, Jul 25, 2019
• Annual Revenue: $1.8M as of Mar 31, 2022
• Business Model: B2C
• Employee Count: 1,001-5,000 employees

4. Toffee Insurance

• Founders: Rohan Kumar (Co-Founder & CEO), Nishant Jain (Co-Founder & CPO)
• Founded Year: 2017
• Location: Gurgaon, India
• Company Stage: Series B
• Total Funding: $12.5M
• Latest Funding Round: $5.4M, Series B, Nov 18, 2021
• Annual Revenue: $1.12M as of Mar 31, 2022
• Business Model: B2C
• Employee Count: 51-200 employees

5. Paytm Insurance

• Founder: Vijay Shekhar Sharma
• Founded Year: 2019
• Location: Delhi, India
• Company Stage: Unfunded
• Annual Revenue: $2.45K as of Mar 31, 2020
• Business Model: B2C
• Total Downloads: 500M+
• Employee Count: 201-500 employees

6. Probus Insurance

• Founder: Rakesh Goyal
• Founded Year: 2002
• Location: Mumbai, India
• Company Stage: Series A
• Total Funding: $6.7M
• Latest Funding Round: $6.7M, Series A, Dec 07, 2021
• Annual Revenue: $9.06M as of Mar 31, 2023
• Business Model: B2C, B2B
• Total Downloads: 50K+
• Employee Count: 201-500 employees

7. InsuranceDekho

• Founders: Ankit Agrawal (Co-Founder & CEO), Alok Bhatnagar (ex-co-founder), Amit Jain (Co-Founder), Anurag Jain (Co-Founder)
• Founded Year: 2016
• Location: Gurgaon, India
• Company Stage: Series B
• Total Funding: $310M
• Latest Funding Round: $60M, Series B, Oct 06, 2023
• Annual Revenue: $12.5M as of Mar 31, 2023
• Business Model: B2C
• Total Downloads: 1L+
• Employee Count: 1,001-5,000 employees

8. Turtlemint

• Founders: Anand Prabhudesai (Co-Founder), Dhirendra Mahyavanshi (Co-Founder), Kunal Shah (Ex-Co-Founder)
• Founded Year: 2015
• Location: Thane, India
• Company Stage: Series E
• Total Funding: $252M
• Latest Funding Round: $120M, Series E, Apr 29, 2022
• Annual Revenue: $19.6M as of Mar 31, 2023
• Business Model: B2C
• Total Downloads: 10L+
• Employee Count: 2622 employees as of Oct 31, 2023

9. Navi

• Founders: Sachin Bansal (Co-Founder & CEO), Ankit Agarwal (Co-Founder)
• Founded Year: 2018
• Location: Bengaluru, India
• Company Stage: Series A
• Total Funding: $427M
• Latest Funding Round: $33.9K, Angel, Nov 27, 2020
• Annual Revenue: $142M as of Mar 31, 2022
• Business Model: B2C
• Total Downloads: 50M+
• Employee Count: 1,618 as of Dec 31, 2023

10. Plum

• Founders: Abhishek Poddar (Co-Founder & CEO), Saurabh Arora( Co-Founder)
• Founded Year: 2019
• Location: Bengaluru, India
• Company Stage: Series A
• Total Funding: $20.7M
• Latest Funding Round: $15.7M, Series A, May 24, 2021
• Annual Revenue: $3.22M as of Mar 31, 2023
• Business Model: B2B
• Total Downloads: 100K+
• Employee Count: 330 as of Jan 31, 2024

11. Symbo Insurance

• Founders: Mitesh Jain (Co-Founder & CTO), Anik Jain (Ex-co-founder)
• Founded Year: 2017
• Location: Mumbai, India
• Company Stage: Series A
• Total Funding: $9.4M
• Latest Funding Round: $9.4M, Series A, Mar 04, 2021
• Annual Revenue: $392K as of Mar 31, 2022
• Business Model: B2C, B2B
• Total Downloads: 1L+
• Employee Count: 51-200 employees

12. Ditto

• Founders: Pawan Kumar Rai (Co-Founder), Shrehith Shesappa Karkera (Co-Founder) at Ditto
• Founded Year: 2018
• Location: Bengaluru, India
• Company Stage: Seed
• Total Funding: $483K
• Latest Funding Round: $483K, Seed, Jun 01, 2021
• Annual Revenue: $961K as of Mar 31, 2022
• Business Model: B2B
• Employee Count: 247 as of Aug 31, 2023

13. Pazcare

• Founded Year: 2020
• Location: Bengaluru, India
• Company Stage: Series A
• Total Funding: $12M
• Latest Funding Round: $8.2M, Series A, Jun 13, 2022
• Annual Revenue: $782K as of Mar 31, 2023
• Business Model: B2B
• Total Downloads: 50K+
• Employee Count: 127 as of Dec 31, 2023

14. Infyshield

• Founders: Rajesh Kumar Goel (Co-Founder & CEO), Puneet Gargya (Co-Founder)
• Founded Year: 2014
• Location: Delhi, India

15. SyncNscan

• Founder: Tarun Anand
• Founded Year: 2012
• Location: Noida, India
• Company Stage: Unfunded
• Annual Revenue: $5.1M
• Business Model: B2C

SyncNscan provides mobile insurance for new and refurbished phones, shielding against viruses, theft, and damage, with cloud backup for Contacts, SMS, Call Logs, Photos & Videos.

India’s top 15 insurance tech startups are driving profound changes in the industry through digital innovation. With a focus on accessibility, efficiency, and customer experience, these ventures are reshaping insurance practices. Their transformative impact signals a promising future where technology continues to revolutionize the insurance sector.