BimaKavach Secures IRDAI License to Expand Corporate Insurance Offerings

• ByStartupStory     |    October 17, 2023

Insurtech firm BimaKavach has been granted a direct insurance broking license by the Insurance Regulatory and Development Authority of India (IRDAI), enabling it to extend its insurance offerings for corporate clients. The Indore-based startup specializes in providing corporate insurance solutions, with a particular focus on small and medium-sized enterprises (SMEs). It offers an array of 18 insurance products covering 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.

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