For many infractions of insurance regulations, insurtech giant Policybazaar was fined INR 5 Cr by the Insurance Regulatory and Development Authority of India (IRDAI). The infractions pertaining to unclear outsourcing contracts with insurers were also listed in the IRDAI order.
Lack of Transparency in Outsourcing Deals Raises Red Flags
Large quantities of money were paid to Policybazaar by insurance firms for outsourcing services in accordance with the directive, but many of the agreements lacked fundamental details, including the extent of the services and the rationale behind the fees.
Payments were frequently provided on a “per seat” basis, according to the regulator, with no connection to the actual services rendered. According to IRDAI, this called into doubt fairness and transparency. The inadequate state of internal record-keeping was another major worry. It is alleged that the corporation neglected to tag thousands of insurance policies to the authorised verifiers who are in charge of selling them.
Despite repeated demands, Policybazaar was unable to provide call recordings or the required paperwork to verify if the right procedures were followed while selling these products, according to IRDAI.
Additionally, IRDAI discovered that the business had postponed sending the insurance premiums that were collected from clients to the appropriate insurers. Policybazaar’s own payment gateway and nodal account were used to process premium payments, and in a few instances, the funds were not moved within the required 24-hour window.
IRDAI found delays of more than 30 days in a sample set of insurance. According to the regulator, this presents a systemic risk and goes against the fundamental rule that insurers can only take on risk when they have received the entire and on-time premium.
Breakdown of IRDAI’s Charges Against Policybazaar
Five of the charges resulted in warnings, advice, or instructions for corrective action, while the remaining six offences included cash penalties of INR 1 Cr apiece. Policybazaar has been instructed to produce an action taken report within ninety days and to transmit the order to its board at its upcoming meeting.
This follows PB Fintech, the parent company of Policybazaar, reporting a consolidated profit after tax (PAT) of INR 84.7 Cr in Q1 FY26, up 41% from INR 60 Cr in the same quarter last year. The remarkable gain of INR 41.1 Cr throughout the quarter was a major factor in this. In the first quarter of FY26, operating revenue increased 34% year over year to INR 1,348 Cr.
The digital revolution in India has touched upon all aspects of business and entrepreneurship, so much so that technology has become an integral part of how human beings conduct themselves and related activities.
Insurance services in the subcontinent have, over this time, integrated their policies with technology to create unique digital products. It has paved the way for a new branch of startups called InsurTech companies.
The technological integration has helped improve various processes, like insurance agency onboarding and selling, to such an extent that these companies have been able to curate insurance policies based on the behavioral patterns of their clients.
They have grown to become a significant part of the larger fintech industry, where InsurTech companies constitute 8.18% of the $22 billion worth of capital in the fintech industry. This article examines some of the top Insurtech startups in India.
What is an Insurtech Company?
Insurtech is a mix of two words – Insurance and Technology. It means using technology like data analytics and machine learning in the insurance industry. This helps in underwriting, claims processing, and managing group insurance.
In India, insurtech companies provide digital platforms and mobile apps to buy policies and raise health insurance claims. Everything can be done online with no paperwork.
These companies are changing the old way of insurance by using new technologies to solve problems and meet customer needs.
Insurtech startups are making insurance:
Easy to access
Clear and transparent
Paperless
Customer-friendly
Fast and digital
This article looks at the top 10 insurtech companies in India in 2025 that are changing how insurance works.
The above graph shows the estimated market size of the InsurTech Industry in India in US billion dollars, with a great spike noticed in the market size from 2021 to 2025.
API-based integration, custom coverage for partners, scalable solutions
Digit Insurance
Startup Name
Digit Insurance
Founders
Kamesh Goyal, Sriram Shankar, Philip Varghese, Vijay Kumar
Founded In
2016
Headquarters
Bengaluru
Website
www.godigit.com
Insurance startups in India – Digit Insurance Website
This Bangalore-based startup provides various products like car insurance, travel insurance, house insurance, commercial vehicle insurance, shop insurance, trip insurance, fire insurance, and other small-ticket insurance. Till 2022, Digit Insurance has received more than $585.6 million through various funding rounds.
Some of the famous investors in the firm are TVS Capital Funds, Sequoia Capital India, and Wellington Management. They aim to simplify the entire process of insurance with the aim of helping even a 15-year-old kid comprehend the procedures involved. They stand out from other similar companies through their client-friendly policies.
For example, their insurance covers flight delays of 75 minutes and more, unlike the standard travel insurance that covers delays of 6 hours and more. Similarly, their “Pay as you Drive” (PAYD) facility will ensure that those who drive less will have to pay less.
Through their simple procedures and fewer T&Cs, and excellent customer service, they have earned the trust of their valuable clients, which has been fuelling their growth since the beginning.
They are the first digital general insurance in India. Launched in 2016, they have grown to cater to more than 50 million customers today. They have taken most of their operations online, reducing much of the offline paperwork.
Their journey has to be credited to their attention to detail and focus on quality over quantity. Their unique micro-insurance product called “Ola Trip Insurance,” which insured the passengers using the app, had been awarded the Golden Peacock Innovative Product. Amping up with data and tech, they further aspire to improve every aspect of insurance technology.
Top InsurTech Companies In India – PolicyBazaar Website
Catering to more than 9 million customers since its inception in 2008, they have been one of the most popular insurtech companies in the subcontinent. With an aim to reimagine insurance, Policybazaar has brought transparency into it by simplifying the entire procedure and putting an end to rampant misselling and policy breaches.
So far, they have sold more than 19 million policies by winning the trust of the people making it one of the best insurtech solutions provider in India. They aspire to bring in better coverage of health and financial policies in households in India. Reputed investing organizations like SoftBank, Temasek, Tencent Alpha Wave, PremjiInvest, etc, have invested in Policy Bazaar, vouching for its trust and quality.
Best InsurTech Companies In India – SecureNow Website
Founded by Abhishek Bondia and Kapil Mehta in 2011, they provide insurance solutions to small and medium-sized businesses. Through end-to-end InsurTech systems and a CRM software platform called PAM, they streamline various procedures, including right from issuing insurance and claiming.
They also have a mobile app for insurance services. They cater to more than 30,000 commercial establishments and settle over 1000 claims on a yearly basis.
Toffee Insurance
Startup Name
Toffee Insurance
Founders
Rohan Kumar, Nishant Jain
Founded In
2017
Headquarters
Gurgaon
Website
www.toffeeinsurance.com
Best InsurTech Company In India – Toffee Insurance
Realizing the importance of accessibility and availability of insurance, Toffee Insurance has ventured into the sector with the goal of curating insurance policies that suit the needs of its customers. They specifically focus on millennials by developing bite-sized insurance policies that cover the immediate lifestyle requirements of the fast-paced world.
They make use of the facilities offered by artificial intelligence and machine learning to make sense of behavioral and consumption data so as to provide better services to customers.
These insurance innovators further focus on transparency and fast services that will help realize their aim to create a novel world of insurance that thrives on innovative products woven to fit the client’s needs. With more than 99.1% of the claims approved, Toffee Insurance serves over 2 lack customers across more than 600 cities.
Coverfox
Startup Name
Coverfox
CEO
Sanjib Jha
Founded In
2013
Headquarters
Mumbai
Website
www.coverfox.com
Top InsurTech Companies In India – Coverfox Website
Launched in 2011, Coverfox is an InsurTech company that sells more than 360 products, including medical, automobile, bike, term, and travel insurance coverage across the subcontinent. Quickening the selling procedures, one of the major highlights of Coverfox is that they provide quotations to their customers instantly.
Further, their easy renewal, digitalized policy updates, and quick claims procedure further make the entire process hassle-free and attractive as far as the customers are concerned.
At a time when data privacy and security are greatly valued and are a matter of concern, Coverfox offers highly safe transactions and assures that the data is not sold to anybody, for that matter. They have won many accolades over the years for their commendable service over the Yeats including the best Insurtech startup award for the year 2022.
Top Insurance Startups in India – OneAssist Website
OneAssist is headquartered in Mumbai and is known to provide services related to the consumer-focused program. It has gained a good reputation in the last few years by providing coverage for data security and protection for electronics.
It has a partnership with many well-reputed firms like Amazon.com, Yes Bank, Axis Bank, etc. The primary goal of the firm is to provide a universal platform for customers to access and get their support and protection solutions from.
InsuranceDekho
Startup Name
InsuranceDekho
Founders
Ankit Agrawal · Amit Bhatia
Founded In
2016
Headquarters
Gurugram
Website
www.insurancedekho.com
Top InsurTech Companies In India – InsuranceDekho
InsuranceDekho is supported by CarDekho and is growing fast by combining both physical and digital ways to sell insurance. It is an online platform where people can compare and buy different insurance policies. They offer many types of insurance, like motor, health, and travel insurance. InsuranceDekho is popular because it is easy to use and makes buying insurance simple for customers.
Turtlemint Insurance
Startup Name
Turtlemint Insurance
Founders
Dhirendra Mahyavanshi · Anand Prabhudesai
Founded In
2015
Headquarters
Mumbai
Website
www.turtlemint.com
Top InsurTech Companies In India – Turtlemint
Turtlemint is a top insurance company in India that offers many types of insurance, like life, health, car, and bike insurance.
They also provide other financial services like loans and savings accounts. Turtlemint has a Financial Advisory Service to help you plan and reach your money goals.
The company is based in Mumbai and works in more than 20 cities in India. They offer different services to help people and families with their insurance and financial needs.
Symbo Insurance
Startup Name
Symbo Insurance
Founders
Anik Jain · Rahul Aggarwal · Abhishek Bondia
Founded In
2017
Headquarters
Mumbai
Website
www.symboinsurance.com
Top InsurTech Companies In India – Symbo Insurance
Symbo focuses on embedded insurance, which means they help retailers, direct-to-consumer brands, and online platforms offer insurance right when customers are buying something.
Symbo is a registered insurance broker and a tech company that works closely with retail and eCommerce businesses to add insurance options during the checkout process.
Their product easily fits into any brand’s sales flow, making it simple for brands to sell insurance to their customers.
Symbo has teamed up with many brands and insurance companies, and they have over 100 different product integrations.
Conclusion
The InsurTech industry in India is still at its nascent stage. With the digital community still coming to terms with the possibilities and issues with regard to technology and digitalization, it is likely that it might take some more time for the industry to boom.
However, there is no doubt about the fact that the future of the insurance industry in India is heavily anchored upon the foundations laid by technology. Despite being in its initial stages, the industry in India has thrived like no other. Companies aspire to be more client-friendly, custom-made, and paperless. How the industry has evolved over the years is indeed interesting, and it makes its future worth observing.
FAQs
How many InsurTech companies are there in India?
The total count of InsurTech companies in India is a highly debatable topic. As per the report published by Inc24, there are 300+ active InsurTech companies in India for the year 2022.
What is the difference between Insurtech and FinTech?
FinTech and InsurTech are the units of the same field. The major difference between them is that InsurTech mainly deals with insurance-related things and is on a smaller scale than FinTech which basically deals with financial-related concepts including topics like banks, financial planners, banks, etc.
How many unicorns are InsurTech?
According to the report published by Inc24, India has around 3 unicorns in the field of InsurTech named Acko, Digit Insurance, and PolicyBazaar.
How big is the InsurTech market?
The global InsurTech market was valued at USD 3.85 billion in 2021 and is estimated to reach USD 5.45 billion in 2022.
On this International Men’s Day, StartupTalky connects with Sajja Praveen Chowdary, Director of Policybazaar for Business. In this exclusive interaction, Chowdary sheds light on how technology is transforming business insurance, making it more accessible and affordable. He discusses the role of digital tools and data in changing the industry, while also offering insights into the future of insurance, including the shift towards preventive measures and tailored solutions. Chowdary also shares his perspectives on mental health and work-life balance, providing valuable advice for men in demanding roles.
StartupTalky: How has your experience in product and technology management influenced the development of business insurance solutions?
Mr. Chowdary: Coming from a tech-driven background, I’ve always approached problems with a solution-first mindset. I remember working on one of our earliest business insurance projects—it was eye-opening to see how fragmented the process was for business owners. It wasn’t about selling a product; it was about making their journey simpler. This experience reinforced the idea that technology isn’t just an enabler—it’s a bridge between businesses and the solutions they didn’t know they needed.
StartupTalky: How do digital tools and data analytics help you tailor products for businesses at Policybazaar for Business?
Mr. Chowdary: I’ll give you an example. A while back, we noticed a pattern: smaller firms were hesitant to buy employee health coverage because they assumed it was costly. Using data, we crafted scalable policies that addressed their affordability concerns while offering value. Digital tools help us listen to what our customers aren’t saying. They give us the power to fine-tune our offerings—making them practical, affordable, and relevant for each business type.
StartupTalky: What trends do you foresee in the Indian business insurance market over the next 5 years?
Mr. Chowdary: The next five years will see a fundamental shift from “reactive insurance” to “preventive insurance.” Businesses will lean on technology and insurance providers for predictive risk management. Cyber insurance, for example, will evolve from being optional to essential. Another key trend will be a rise in bundled offerings—tailored packages for specific industries like retail or logistics, where risk profiles vary significantly. Insurance will stop being a “purchase” and become a “partnership.”
StartupTalky: How does Policybazaar for Business simplify complex insurance products for business owners?
Mr. Chowdary: Simplification is about empathy. Imagine explaining a complex insurance term to someone who’s hearing it for the first time—that’s the challenge we solve every day. At Policybazaar for Business, we’ve built tools that make comparisons clear, language relatable, and the process frictionless. But the real differentiator is the human touch. I believe no technology can replace the comfort of talking to someone who genuinely wants to help you make the right decision.
StartupTalky: What sets Policybazaar for Business apart in providing a seamless insurance buying experience?
Mr. Chowdary: It’s the ecosystem we’ve built—a combination of cutting-edge technology and a team that understands the nuances of Indian businesses. From personalized consultations to real-time claim support, we’ve made it our mission to remove the usual headaches associated with insurance. Businesses trust us not just for what we offer, but for how we deliver it—with transparency, speed, and care.
StartupTalky: What are the most pressing risks that businesses face, and how do your products address them?
Mr. Chowdary: The risks businesses face are evolving faster than ever. Take cyber threats—just a decade ago, they were hardly a concern. Today, a single breach can paralyze an entire operation. Then there’s employee well-being, which directly impacts productivity and retention. At Policybazaar for Business, we constantly ask ourselves: “Are we building solutions that can keep up with these changes?” Our products, like Cyber Insurance and Group Health Insurance, are designed to provide security, so businesses can focus on their growth story.
StartupTalky: What marketing strategies have been most successful in reaching business clients with insurance solutions?
Mr. Chowdary: We’ve realized that education is the best marketing strategy. Businesses don’t wake up thinking, “I need insurance today.” What they do think about is protecting their people, their assets, and their reputation. Our campaigns focus on showing them how insurance solves real-life challenges—whether it’s through stories of claims we’ve processed or data-driven insights into their industries. The key is to build trust before trying to sell anything.
StartupTalky: On International Men’s Day, the focus is on mental health. How do you maintain work-life balance, and what advice would you give to men in demanding roles to protect their mental well-being?
Mr. Chowdary: At Policybazaar for Business, we often emphasize the importance of holistic well-being, and mental health is a crucial part of that equation. Balancing work and life in a leadership role can indeed feel like a tightrope walk. Personally, I try to prioritize non-negotiable family time every day and make room for short breaks to recharge—whether it’s a quick walk or stepping away from my screen.
To men in demanding roles, my advice would be: recognize that your mental health is as critical as any professional target you aim for. Just as you would strategize for business growth, plan for your mental well-being. Remember, you don’t always have to carry the ‘provider’ mantle; sometimes, simply being present for yourself is the greatest act of leadership.
Under its Employee Stock Option Scheme (ESOP) 2021, PB Fintech, the parent company of the well-known insurtech company Policybazaar, has distributed about 27 lakh equity shares. On November 15, PB Fintech said in an exchange filing that its board has given its authority to distribute 27,85,962 equity shares to qualified employees under the 2021 plan. The company’s issued and paid-up share capital, after these shares are allocated, is INR 91,77,91,852, which is made up of 45,88,95,926 equity shares with a face value of INR 2 apiece.
After qualified workers exercised their vested options under the PB Fintech Workers Stock Option Plan 2021, the Nomination and Remuneration Committee awarded them 27,85,962 equity shares with a face value of INR 2 apiece, the document stated.
Stats Prior to Allotment
The issued and paid-up share capital of PB Fintech, which included 45,61,09,964 equity shares, was INR 91,22,19,928 prior to share allocation. On the BSE, shares of PB Fintech ended the most recent trading session at INR 1725.15 each. According to the stock’s 15 November closing price, the freshly allotted equity shares are valued at INR 480 Cr. This follows the company’s distribution of 75,760 equity shares under the same ESOP Plan to qualified employees. Under its ESOP plan 2021, PB Fintech distributed 48.3 lakh equity shares earlier in June.
Current Financial Report of PB Fintech
In the second quarter (Q2) of the fiscal year 2024–25 (FY25), it posted a quarterly profit of INR 50.98 Cr, its fourth consecutive quarter. Yashish Dahiya, the company’s chairman and Group CEO, acknowledged earlier in September that the business is thinking about entering the healthcare industry. According to reports, PB Fintech is expected to obtain board permission before making a one-time investment of $100 million to purchase a 30% interest in a new healthcare company.
Current ESOP Scenario in India
According to a 2024 survey of 160 companies, 78% of them offered employee stock option plans (ESOPs) to their staff, a considerable increase from 59% in 2021. This indicates that ESOPs are becoming more and more popular among startup owners. More firms are now offering ESOPs to all employees, not only senior management, according to a survey done by Saison Capital, XA Network, and Carta. Compared to one in four in 2021, one in three firms now provides these plans to all employees.
Furthermore, the median ESOP pool size grew from 9% in 2021 to 12.6% in 2024, and 90% of founders now talk about ESOPs with candidates during interviews or job offers, up from 75% in 2021. Additionally, the reasons for providing ESOPs have changed; in 2024, 40% of founders cited cost reductions, up from 28% in 2021.
The founders cited the necessity to retain people as the second most important reason for putting these plans into action, behind creating a sense of ownership and company culture. Even with this increase, fewer than 30% of founders still fully understand the complexity of ESOPs, a percentage that hasn’t changed since 2021.
Fintech, short for financial technology, has become a crucial part of the global economy., all financial tasks were completed through paperwork only, as a paper-based medium was considered to be the safest. But with the development of technology, the internet has emerged as the preferred platform for financial transactions.
It is essentially an economic industry composed of companies that use technology to make financial services more efficient. They are used mainly by individuals to help in mobile payments, insurance, cryptocurrency and blockchain technology, stock trading, digital lending and credit, budgeting and much more. Tech-focused startups and similar new market entrants are disrupting the way in which the financial services industry conducts its operations.
India has the world’s second-biggest fintech hub with more than 2,565 startups operating currently, there were only 737 in 2014. India’s largest share from fintech startups is through ‘payments’ and is followed by lending, wealth tech, personal finance, insurtech, regtech and others.
Let’s look at the list of the top fintech companies in India.
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Paytm was founded in 2010 and is India’s largest payment company that offers consumers multi-source and multi-destination payment solutions. They allow consumers to make payments from any bank account to any other bank account free of cost, i.e., 0% fee charges. Over 8 million merchants have availed its comprehensive payment solutions.
Paytm was founded by Vijay Shekhar Sharma and is owned by One97 Communications and is licensed by RBI. The Paytm app allows users to shop for both physical and digital goods, and also pay for DTH plans, bill payments, and mobile recharges.
The company partnered with Alibaba’s cloud computing arm – ‘AliCloud’ to expand its payment network on a global scale. They have investors like Berkshire Hathaway, SoftBank Group, and MediaTek and even raised an undisclosed amount from Ratan Tata in March 2015. It is arguably the biggest fintech startup in India.
2. Razorpay
Founder: Shashank Kumar, Harshil Mathur
Founded: 2013
Razorpay Logo
Founded in Bangalore, Razorpay focuses on the payment needs of startups and enterprises. With Razorpay, merchants can easily accept, process, and disburse money to and from their dealers. It was founded in 2014 by Harshil Mathur and Shashank Kumar.
Thousands of clients use its service as it allows an online business to accept, process, and distribute digital payments through various modes like debit cards, credit cards, net banking, UPI, and prepaid digital wallets. It is one of the biggest fintech companies in Bangalore.
3. Upstox
Founder: Ravi Kumar, Kavitha Subramanian and Shrini Viswanath
Founded: 2009
Upstox Logo
Upstox provides financial services such as investments in stocks, mutual funds, derivatives, commodities, ETFs, and digital gold. It ensures full transparency in pricing by offering zero brokerage for equity trades and up to INR 20 per order for intraday, commodities, and currencies.
The founders, Ravi Kumar, Kavita Subramanian, and Srini Vishwanath conceived this idea of making trading and investing easier and cheaper and created Upstox for fellow young Indians. The Mumbai-based company is backed by industry giants like Tiger Global and Ratan Tata and currently has more than 250 employees and the fintech is striving to make trading a second nature for its users.
4. Cred
Founder: Kunal Shah
Founded: 2018
Cred Logo
Cred is a fintech startup founded by Kunal Shah, the founder of FreeCharge. The app aims to make paying credit card bills simpler and rewards you for paying them on time. The app asks for your phone number to check your credit score with Cibil, CRIF and Experian.
5. ETMoney
Founder: Mukesh P Kalra
Founded: 2005
ETMoney Logo
ETMoney is a full-stack investment platform with a wide range of products in the domains of investments, credit cards and loans, insurance, and financial tools. It aims to simplify the financial journey of retail customers.
ETMoney was founded by Mukesh Kalra in 2015. A passionate company that indulges in personal finance, has become the first fintech company in India to introduce Aadhar-based SIP payments. With more than 100 crore bank accounts linked to Aadhar, the company plans to simplify installment payments with Aadhar OTP verifications.
The company has also partnered with Google Pay for a simplified way to invest in Mutual Funds and National Pension System.
Sampad Swain, Akash Gehani and Aditya Sengupta co-founded Instamojo in September 2012. Instamojo started as a solution provider of digital payments which now has progressively grown into a robust online platform for enterprises like micro, small, and medium so that they start, manage, and grow their businesses online.
MojoCapital from Instamojo helps disperse bite-sized short-term credit loans which are worth around $2 million. MojoCapital caters primarily to its merchants on a monthly basis, and it has shown a projected growth of 25% on the month on month basis.
PolicyBazaar is an online insurance aggregator for comparative analysis of products that are offered by various insurers using parameters like price, quality, and key benefits. It helps users compare insurance policies and assists them in selecting the best or the most relevant policy that can be purchased online or offline.
PolicyBazaar was founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in June 2008 in Gurugram. They have raised over $650 million as of 2020. The online platform began as a price-comparison website and an information portal for learning about insurance and related programs; it then expanded to become a marketplace for insurance policies.
PolicyBazaar has tied up with insurance brokers which helps it procure information such as price, benefit, insurance cover, etc. directly from the insurers for the customer to compare. They do not charge anything from the customer for their service. The revenue for the company is generated from the fees charged for the marketing and advertisement stints done by insurance companies on its platform.
MobiKwik is an Indian fintech company that was founded in 2009 by Bipin Preet Singh and Upasana Taku. It is headquartered in Gurugram. MobiKwik is a digital wallet service provider that offers services mobile and online payments, phone and DTH recharge, mobile transfers, online shopping and a lot more.
It allows users to store up to INR 50,000 in a MobiKwik wallet that can be used to recharge mobile, pay bills, and shop across various channels. Their users can also use the partial payment feature for ticket reservations and cash pick-up for bus tickets booking.
MobiKwik’s investors include Sequoia Capital, NET1, GMO Venture Partners to name a few. Post demonetization, MobiKwik has made it free to transfer money from your wallet to your bank account.
Before demonetization, they used to charge 4% for a non-KYC compliant user and 1% fee for a KYC (know your customer) compliant user. They have over 100 million users across India and many more are being added. Non-KYC compliant users can transfer from INR 1000 to INR 20,000 to their bank account. But once your KYC is done, you can store upto INR 1,00,000 in your MobiKwik wallet.
9. ZestMoney
Founders: Lizzie Chapman, Priya Sharma and Ashish Anantharaman
Founded: 2015
Zest Money Logo
Do you want to buy something offline on EMI but don’t own a credit card? Zest Money has a buy now pay later policy and offers an EMI option that you can use to purchase things online or offline from its partner merchants. It is another Bangalore-based startup founded by Lizzie Chapman, Ashish Anantharaman, and Priya Sharma.
10. Lendingkart
Founder: Harshvardhan Lunia and Mukul Sachan
Founded: 2014
Lendingkart Logo
Lendingkart is an online financing company founded by Harshvardhan Lunia and Mukul Sachan in 2014. Lendingkartprovides loans for working capital needs for SMEs (small and medium-sized enterprises); these loans are quick and collateral-free with minimal paperwork.
The company works across1300 cities and has disbused loans over INR 3,500+ crores till date (2020). Aditya Birla Capital, Saama Capital, Mayfield Fund, Bertelsmann India Investments (BII), and Darrin Capital Management are some of its prominent funding partners. In March 2016, Lendingkart entered into a strategic partnership with Mahindra’s SmartShift – a digitally enabled aggregator for cargo owners and transporters.
Lendingkart has access to a huge amount of data from data partners dispersed across the country. These data partners provide Lendingkart with diverse information about the vendor: educational qualification, family background, reputation, competitiveness in the market, etc.
Refrens is fairly new to the fintech industry in India. It was founded by Naman Sarawagi and Mohit Jain in 2019. Refrens provides a payment gateway system for freelancers to send and receive payments smoothly.
It offers free invoicing, payments, and expense management systems. For freelancers, it becomes easy to enable options like adding payment methods, offering discounts, etc. for their clients. It is so easy to use that it is possible to create an invoice in just 30 seconds.
Pine Labs is a Gurugram-based fintech platform that provides PoS (Point of Sale) software solutions for offline retailers and brands. It was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upaday.
They initially offered a smart card-based payment and loyalty solution for the petroleum sector. It then introduced a PoS machine for offline merchants. Its ‘Plutus PoS’ solution is a cloud-based software that can be integrated with a generic POS terminal to allow retailers to accept debit and credit cards, e-wallets, QR codes, and UPI-based payments.
Pine Labs’ offerings include marketing tools, reporting and analytics, payment gateway API solutions, mobile payment solutions (via myPlutus), loyalty and gift card programs, value-added solutions like EMIs, discounts, pay by points, loyalty solutions, e-wallets and others.
The mobile app of Pine Labs is available on Android and iOS and can be used for targeted promotions, dynamic currency conversion and more. In 2017, Pine Labs launched its complete suite of services in Southeast Asian markets; it is present in Malaysia.
13. MoneyTap
Founders: Bala Parthasarathy, Kunal Varma, and Anuj Kacker
Founded: 2015
MoneyTap Logo
MoneyTap is India’s first app-based credit line. It provides you credit and you can repay your credit amount in flexible EMIs of 2 to 36 months. MoneyTap aims to make credit accessible to the Indians who use internet banking.
It uses customers’ details to evaluate the user’s eligibility and decide the credit limit. MoneyTap was launched in 2015 by Bala Parthasarathy, Kunal Verma, and Anuj Kacker.
14. Khatabook
Founders: Ravish Naresh, Dhanesh Kumar, and Jaideep Poonia
Founded: 2017
KhataBook Logo
Founded in October 2018, by Ashish Sonone, Dhanesh Kumar, Vaibhav Kalpe, Jaideep Poonia, and Ravish Naresh, Khatabook is the world’s fastest-growing SaaS company. It has become India’s leading business management app for MSMEs with 20M+ downloads in a remarkably short period of time.
This Bangalore-based mobile app service shares WhatsApp and SMS reminders to users when money is due to be paid or collected. Khatabook enables micro, small and medium merchants to track business transactions safely and securely.
Capital Float is a Bangalore-based digital finance company founded by Sashank Rishyasringa and Gaurav Hinduja that provides working capital loans and term loans to small businesses via a technology-led loan origination and credit underwriting platform.
Capital Float offers loans ranging from INR 1 lakh–INR 1 crore with terms between 1 – 12 months. The offered loans are based on cash flows, expected receivables, financials, CIBIL scores, and bank statements. Individuals can apply online for the loan and once the loan is approved, it is disbursed to their bank account.
If you have ordered from well-reputed corporate customers, you can borrow up to 80% of the value of an outstanding invoice, and repay only after you receive payment from your customer. The company has partnered with startups like Shopclues, Paytm, and Uber.
16. Shiksha Finance
Founders: V L Ramakrishnan and Jacob Abraham
Founded: 2014
Shiksha Finance Logo
Many individuals have the potential to become great students but the exorbitant tuition fees of educational institutions hinder them from pursuing education. Shiksha Finance provides short-term loans to students for their fees. The loan ranges from INR 10,000-INR to 30,050 and must be paid within 6-10 months. For a private school or college, the loan can range from INR 1 lakh-INR 73.5 lakh and can be paid within 6 months to 5 years. It was founded by Jacob Abraham in 2014.
Founded by Chandu Sohoni and Poorna Nayak in 2013, Amigobulls provides solutions to wealth management-related problems. You can get the daily stock analysis in the form of short, personalized videos.
The personalized videos are created automatically using Amigobulls’ technology; thousands of videos can be created in a few minutes. This fintech company offers investment advice and news to stock market investors through a patent-pending video generation technology.
18. KredX
Founders: Manish Kumar and Anurag Jain
Founded: 2015
KredX Logo
KredX isIndia’s first invoice discounting marketplace platform. It helps businesses gain quick access to working capital in around 24 to 72 hours by selling their unpaid receivables while providing investors with an opportunity to earn low-risk high returns through a unique short-term investment.
Founded by Anurag Jain, the company provides a technological platform that connects investors, both institutional and individual, with high-growth businesses looking for working capital through invoice discounting.
KredX’s objective is to facilitate short-term working capital to the SMEs raised against blue-chip companies to a network of financiers. KredX’s recent acquisition of Hummingbill, a New York-based startup – to strengthen technological capability has assisted the former to progress its growth curve in the lending space.
Founded by Ranjit Punja, Gowri Mukherjee and Rajasundaram Sudarshan in 2011, Credit Mantri is a credit facilitator which uses data and technology to help people make better financial decisions. It provides an Equifax credit score that is one of the four credit bureaus authorized in India by the RBI.
Anyone who needs credit can create a credit profile on CreditMantri’s website to apply for loans and credit card offers based on his or her credit profile. The Equifax score is used by CreditMantri to analyse the individual’s credit profile
Headquartered in Mumbai, Mswipe provides software solutions and payment devices to merchants. Mswipe works with all kinds of bank accounts; hence, merchants don’t have to open a new account for their devices. The company was founded in 2011 by Manish Patel.
21. Financial Software Systems (FSS)
Founders: Nagaraj Mylandla
Founded: 1991
FSS Logo
Financial Software Systems Pvt. Ltd. was founded in 1991 and is a Chennai-based fintech venture that provides electronic payment and financial transaction processing solutions and services globally. Financial Software Systems records all of the financial activities within a business organization.
Its products include card management, merchant management, mobile payments, financial inclusion, messaging middleware, and value-added solutions. FSS also offers software services that include systems integration, offshore development, project management and implementation, and 24/7 global helpdesk support services.
22. BankBazaar
Founder: Rati Rajkumar
Founded: 2008
BankBazaar Logo
BankBazaar is a Chennai-based online financial platform founded in 2008 by Adhil Shetty, Arjun Shetty, and Rati Shetty for product distribution and comparison analysis. It enables users to buy personal loans, home loans, auto loans, and education loans.
BankBazaar also offers debit and credit cards, life insurance, health insurance, auto insurance, travel insurance products, mutual funds, fixed deposits, and savings accounts. With multiple offers from multiple banks, you can compare offers and check your eligibility in minutes.
Users only need to provide basic details to apply for a product online and can track its status. BankBazaar’s revenue comes from application-based commissions from banks. Customers don’t need to pay any charge.
23. Active.Ai
Founder: Ravi Shankar, Parikshit Paspulati, Shankar Narayanan
Founded: 2016
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Active.Ai provides chatbot solutions to all types of banks and other financial institutions. Although it is a Singapore-based startup, it has a lab in Banglore and was founded by 3 Indians – Ravishankar, Shankar Narayan, and Parikshit Paspulati in 2016. The main focus of Active.Ai is on the banking sector.
24. Finly
Founder: Vivek Alike Ganapathy
Founded: 2017
Finly Logo
Finly lets companies and startups analyse their expenses. Besides expense management, Finly also eases the process of fund disbursement, vendor payment, and helps with the automation of collection. It builds financial software products to save the companies money and time. It was founded in 2015 by Vivek AG.
25. Ezetap
Founder: Byas Nambisan
Founded: 2011
Ezetap Logo
Ezetap, co-founded by Abhijit (Bobby) Bose and Bhaktha Keshvachar, provides businesses and financial institutions with smart technological transaction solutions. The Company develops and commercializes a mobile point of sale (PoS) solution that allows mobile devices to be converted into PoS terminals by connecting a card-reader to the headphone jack of the device.
Financepeer helps to pay the entire year fees upfront to the School in one installment and collects fees in 3 to 12 monthly installments from parents at 0 Interest and 0 Cost. It is a Google incubated School (K-12) Fee Financing Company.Rohit Gajbhiye, Naveesh Reddy, Sunit Gajbhiye and Debi Prasad Baral launched Financepeer in 2017 to cater to an audience that cannot afford to pay the school fees all at once.
Loanwalle.com was founded by Sachin Mittal in 2015. It deals in payday loans which are quick emergency loans disbursed in 30 minutes from the time it is applied for. To fulfill the fast money requirements of the customers, the loan approval process is fully automated and is based on an algorithm that assesses the applicant’s creditworthiness.
28. Money View
Founder: Puneet Agarwal and Sanjay Aggarwal
Founded: 2014
Money View Logo
Money View was launched in 2014 by two IIT friends, Sanjay Aggarwal and Puneet Agarwal. Money View is a loan financer, and also helps in planning overall finances. Itcaters for the user with personal finance management, to keep a check on everyday finances and also provides loans ranging from INR 10,000 to 5,00,000 within a day or less. The application provides the user with a view of their bank balance, income spends, and income dues by pulling from their SMSes.The app runs and is updated even without internet connectivity.
29. Cube Wealth
Founder: Satyen Kothari
Founded: 2016
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Cube Wealth was founded by Satyen Kothari in 2016, who had previously founded Citrus Pay. Cube Wealth provides comprehensive portfolio management solutions to help busy professionals achieve their goals through investments.
The app helps individuals to invest in multiple asset classes including equities, mutual funds, P2P lending, gold, and even charitable investing to build a well-rounded portfolio. It is a subscription-based automated wealth technology application that works on the concept of disciplined long-term wealth creation.
Goal Teller founded by Vivek Banka in 2020 is a financial planning platform that allows users to build their own financial plans. It is a fintech startup in the investment planning space and is operating in the B2C space.
31. Kuants
Founders: Ayush Gangwar, Mohit Bansal
Founded: 2017
Kuants Logo
Kuants was founded in the last month of 2017, by Ayush Gangwar and Mohit Bansal. Their inspiration for the startup was to ensure that technology never acts as a barrier to a stock trader while exploring the domain of algorithmic trading. Kuants is a Fintech startup based in Gurugram, making algorithmic trading easy for those who cannot code themselves.
Akshat Saxena, Aurko Bhattacharya and Uday Somayajula are the founders of ePayLater. ePayLater provides credit at the point of sale. It offers a simple checkout experience by providing customers with the ability to conclude a transaction with just one click of a button. It is a ‘Buy Now, Pay Later’ solution through which customers can get access to an instant credit limit to make faster purchases.
PayKun was launched by Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak Dabhi and Nirav Solanki, who were five friends from Gujarat. It was founded in the year 2018, with the primary intention to introduce ease and integrity into the online payment system. PayKun is an online payment gateway integrator that allows merchants to integrate any payment gateway they prefer. It is an affordable and secure solution for sellers. And what’s more, it does not require the user to have any technical skills to use it.
PaisaDukan was established by Rajiv M Ranjan in 2017 . It is a P2P platform that acts as a mediator between investors and borrowers. The company serves as a digital marketplace to enable borrowers to meet their financial needs, provide investors with a safer and smarter investment option and aid financial inclusion.
35. Cashfree
Founders: Reeju Datta, Akash Sinha
Founded: 2015
Cashfree Logo
Cashfree, a full-stack payments solution is incubated and backed by PayPal and YCombinator respectively. Cashfree helps global and Indian businesses collect and disburse payments via 100+ payment methods including MasterCard, Visa, RuPay, UPI, NEFT, IMPS, Paytm, and other wallets.
It also claims of being India’s leading API banking platform. Other than payment gateway products, Cashfree has products such as UPI auto pay, Refunds Suite, Auto collect options and Marketplace settlements. Cashfree has integrated with major platforms such as Shopify, Amazon Pay, PayPal, Google Pay, and Ola Money.
36. CoinDCX
Founders: Sumit Gupta, Neeraj Khandelwal
Founded: 2018
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Founded by IIT Bombay alumni Sumit Gupta and Neeraj Khandelwal in April 2018, CoinDCX is a beginner-friendly crypto exchange platform.Investment in cryptocurrency has been made easy by CoinDCX. The platform also enables users to access a wide range of financial products and services backed by insurance protection.
The crypto platform with 1 lakh active users has a more than $40 million trading volume. Backed by hedge fund giant Polychain Capital, the platform offers crypto transactions at no cost to investors. For those who trade, it charges a fee of 0.1%.
The company recently launched CoinDCX Go. This product runs on the 7M framework which studies and analyses the depths of the crypto market and predicts future threats. On this platform, crypto assets are listed with uncompromising listing criteria. The product accommodates currencies like Bitcoin, Ripple, Ethereum, Tron, Bitcoin Cash, Matic, Litecoin, etc.
Easy Home Finance is a housing finance company that offers home loans through a paperless route. The Mumbai-based company was founded by Rohit Chokhani. It is registered under National Housing Bank Act as a housing finance company and aims to tap the market using a paperless experience.
Its products include home loans, home construction/extension loans, loans against property, and loans through Pradhanmantri Awas Yojana. They also have a pre-approved property database for home options and instant loan approvals.
The company, backed by Harbourfront Group, aims to streamline the onboarding, assessment, and management of home loans through an AI-based lending platform. Easy Home Finances is focused on providing home loans to first-time buyers and women who wish to enter the property market and also targets customers in Tier 2 and Tier 3 cities across India. It is also set to launch a Product-as-a-service (PaaS) with co-lenders and other financing companies.
38. Recko
Founder: Saurya Prakash Sinha
Founded: 2017
Recko Logo
Recko is a Bangalore-based fintech startup that is into the reconciliation of companies. It offers financial services to e-commerce companies, banks, and insurance providers who have huge volumes of transactions. It is a third-party transaction layer that ensures authenticity and transparency in all recorded transactions. Recko’s workings mainly rely on AI models to comprehend and collect data, connecting payment gateways, banks, and customer management systems.
Backed by Prime Ventures Partners and several angels, Recko was founded by Suarya Prakash Sinha and Prashant Borde. The fintech company claims to have reconciled accounts worth $5 billion to date and has integrated with big names in the fintech industry such as Myntra, Pharmeasy, Meesho, Dunzo, Townscript, and Grofers.
39. FypMoney
Founder: Kapil Banwari
Founded: 2021
Fyp Logo
Owned by Pockket Payment Technologies Ltd, FypMoney is a platform introduced for financial literacy in teenagers. The platform aims to target the age group 11-19 who comprise 15-20% of smartphone users. In a seed funding round, it has raised $2 million from angel investors including Leberatha Kallath, Mukesh Yadav, and Dinesh Nagpal.
FypMoney takes into consideration the concerns of parents with teenagers and has introduced features like instant pocket money transfers, tracking spending patterns with real-time transaction alerts, and setting transaction limits.
As for teenagers, it is equipped with quick transfer options like UPI, referral bonuses, Fyp Debit card, online investments in Mutual funds, savings, and a social community to interact with FypMoney users. The founder, Kapil Banwari believes that this platform will make teenagers aware of financial aspects, get them into a habit of saving and educate them about personal finance.
40. Avail Finance
Founder: Ankush Aggarwal
Founded: 2017
Avail Finance Logo
Avail Finance is a fintech startup based in Bangalore that exclusively focuses on the blue-collar workforce and aims at introducing credit facilities and financial literacy to them since they’re seldom aware of it. It provides them with a neo-banking platform and includes every individual on a credit hunt, under the financial umbrella.
The startup aims to reach that segment in the financial market that is oblivious to credit card penetration, has no credit history, and has a low to almost zero CIBIL score. The platform offers other financial services including savings, insurance, and investment products. Founded in 2017 by Ankush Agrawal and Tushar Mehndiratta, the startup has raised around INR 85 crore in a funding round led by Alpha wave Incubation.
Upwards is a fintech company that offers personal loans up to INR 2 lakhs within 24 hours to salaried individuals with no credit history and whose earning capacity is at least INR 15000 per month. The fintech has a wide range of personal loans that cover weddings, travel, studies, medical emergency, and home renovation. The company charges an interest rate of 18-32% on its financial products.
The Mumbai-based startup is currently active in more than 30 cities including Tier 2 and Tier 3 towns. Founded in 2017 by alumni of IIT Delhi Abhishek Soni and Nimesh Verma, the company has disbursed INR 4 crore since its year of inception and is 40% of its credit demand coming from smaller towns of Karnataka, Rajasthan, and Tamil Nadu.
KreditBee is a personal loan platform for self-employed and salaried professionals where they can avail of a loan starting from INR 1000 to INR 2 Lakhs with minimal paperwork and tenures from two to fifteen months. It offers loans to even those without a credit history. It hosts multiple non-banking financial companies (NBFC) that are licensed by the Reserve Bank of India. This includes KrazyBee Services Pvt Ltd which is a non-deposit financial institution that offers innovative technology and availability of credit.
Founded in May 2018 by a bunch of intellectuals from various IITs across India, KreditBee currently has more than 1200 employees and a user base of 20 million. Through its holding entity Finnov, KreditBee has recently raised $70 million which it says will be utilized towards scaling up the lending portfolio beyond personal loans.
43. Finin
Founders: Suman Gandham and Sudheer Maram
Founded: 2019
Finin Logo
Finin is a fintech startup that has launched itself as a “neobank”, in partnership with SBM bank, a wholly-owned subsidiary of the State Bank of Mauritius in India. It is a platform that focuses on saving rather than lending. The “neobank” has an AI-driven experience for its users which gets insights from your spend-save behaviour. It can be linked to all your bank accounts and keeps a track of your transactions and budgets. Users also receive customized investment options and hyper-personal financial tips that take into consideration your pay cheque, lifestyle, marital status, and more.
Finin users have to rely on SBM branch networks for banking activities and the physical branches which are currently operating in Mumbai, Chennai, Bengaluru, and Hyderabad. Going against the flow, founder and CEO Suman Gandham believes Finin will make more revenue from wealth management services rather than lending services.
Founders: Samant Sikka, Sanjeev Sharma and Dhananjay Singh
Founded: 2016
Sqrll Logo
Sqrrl is an investment and wealth management platform for young individuals and professionals. The company is registered under AMFI and SEBI and is available in 9 Indian languages. It encourages Indians to save and invest better while guiding them towards building an investment portfolio with baby steps.
The company uses machine learning, AI, and data science to offer one-on-one assistance encouraging users to invest in high-performing mutual funds based on the risks, their goals, and requirements.
Based in Gurgaon, Haryana, Sqrrl has a team of 40 people including the founders namely Dhananjay Singh, Sanjeev Sharma, and Samant Sikka.
45. Moneyfront
Founders: Mohit Gang, Anil Bang, and Puneet Mehta
Founded: 2015
Moneyfront Logo
Moneyfront is a wealth management platform that allows you to invest in funds and keep a track of them. While many other platforms offer the same, Moneyfront uses a comprehensive database, news, and statistics and lays out the best options for its users. It provides model portfolios so that you have more options and you can measure your risk appetite and choose what’s best suited for your goals.
The fintech company tied hands with Niyogin Fintech, which provides collateral-free credit to MSMEs. Reportedly, Niyogin has acquired a 50.1% stake in Moneyfront for INR 12 crore.
Founders: Archit Gupta, Srivatsan Chari, Ankit Solanki, Raja Ram Gupta
Founded: 2011
ClearTax Logo
ClearTax is a financial services platform that helps individuals, tax experts, SMEs, and enterprises streamline income tax returns, GST, Invoicing, Billing solutions, and more. Cleartax helps businesses save 2-7% of their net GST every month while individuals have saved up to INR 86000 by filing their tax returns through them.
The company recently launched a GST-compliant billing and e-invoicing product called ClearOne. ClearOne is an easy, affordable, and compliance-proof solution for all the challenges faced by SMEs. Founded by Archit Gupta, Srivatsan Chari, and Ankit Solanki, ClearTax is helping millennials pay their own taxes in a simple and hassle-free manner.
47. Groww
Founders: Lalit Keshre, Harsh Jain
Founded: 2016
Groww has become the unicorn in the fintech industry by raising $83 million in a funding round led by Tiger Global. The company has raised $140 million as capital so far. With a freshly acquired unicorn status, Groww is an investment platform that allows individuals to invest and trade in stocks, mutual funds, US stocks, and Gold. it also has fixed deposit options for conventional investors.
Backed by a huge force of investors such as Sequoia Capital India, Ribbit Capital, Y Combinator, Kauffman Fellows, Propel Venture Partners, and Kairos, Groww plans to deploy its funding into introducing financial educational content for its 1.5 crore registered users.
LoanTap is an NBFC registered under RBI that offers flexible personal loans which are EMI-free (partial repayments of principal amounts), and allows personal overdraft and debt consolidation loans that are best suited for your lifestyle and requirements. Whether it’s an upcoming holiday, a wedding, a loan repayment, a new vehicle purchase, or a business loan, LoanTap covers it all.
The Pune-based company recently tied hands with the Bank of Maharashtra into a co-lending agreement. This agreement would help the bank meet its priority lending target through a digital lending platform like LoanTap by avoiding visits to the branch and easier loan disbursals.
49. RevFin
Founder: Sameer Aggarwal
Founded: 2018
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Founded by an alumnus of IIT Kharagpur, Sameer Agarwal, RevFin is a digital lending platform that offers loans through its own NBFC. Its products include regular personal loans and Revloans, which is an unsecured credit limit that a customer can use at any time as per their convenience. RevFin has currently financed E-Rickshaws in several towns across India which include Kolkata, Jhansi, Dehradun, Hisar, and Delhi.
Headquartered in Delhi, RevFin was founded in 2018 and has captured the sector of vehicle loans for three-wheelers and two-wheelers. The fintech is backed by several angel investors including Harsh Jain, Anil Goyal, Anil Lamba, and Krishna B Singh.
50. PayU
Founders: Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag
Founded: 2002
PayU Logo
PayU is one of the best fintech companies in India that provides a payment gateway and payment solutions for online merchants. The platform provides a seamless experience when users check out a particular website or mobile app. It integrates various gateways such as net banking, Visa and MasterCard, UPI, and wallets.
PayU has integrated with giants like Netflix, Myntra, and Cred with unique payment solutions where customers can choose any payment option on any platform or website. It also enables customers to accept payments outside India from 100-plus countries.
PayU India is the flagship company of Naspers Group, based in London. It has also launched an alternate lending platform called LazyPay to offer credit solutions such as Small ticket credit (Buy now pay later), App-based Loans, and Point of sale credit (Merchant EMI).
Conclusion
Startups work hard on their products, marketing, and other business activities but forget about one crucial aspect: finance. Managing one’s finances is of utmost importance. Business is all about money, you can’t run a business if you don’t think about money. This list of fintech startups in India should help you understand the advancements in the world of Finance and give you an insight into India’s biggest and top fintech to keep an eye out for.
There are more than 2000 fintech startups in India as of 2022.
What are some of the biggest fintech startups in India?
Some of the biggest fintech startups in India are,
Paytm
Cred
Razorpay
Instamojo
Lendingkart
MoneyView
Paykun
PaisaDukan
Mswipe
Kredx
What is FinTech Company India?
Financial technology is abbreviated to FinTech and it comprises companies that use technology to offer financial services. It has emerged as a relatively new industry in India.
What are examples of FinTech?
Some examples of FinTech are mobile banking, mobile payments, trading, cryptocurrency, insurance, trading, and lending to name a few.
Competition is everywhere. To sustain in the market we have to keep pushing our limits. We have to keep working hard to meet our goals. For that case, the new startups should be ahead of their peers to remain on the top. Staying on the top doesn’t mean you are away from problems and can sustain like that forever. When it comes to Fintech startups there is a whole new game to play. Here we have discussed on How Policy Bazaar Is Sustaining Competition From Other Fintech Players?. Read the full article to know more about policy bazaar strategies to overcome all hurdles.
PolicyBazaar is an online platform that enables users to compare, analyze and buy life, health and motor insurance products. PolicyBazaar is a product, a brand and a service compare. The CEO of Policy Bazaar is Sabvir Singh and has also received a total of $542.2 million in funding. Founded in 2008 by Yashish Dahiya and Alok Bansal, it is the largest insurance website in India. The main motive of Policy Bazaar is to simplifying the buying process to facilitate product comparisons.
The comparative analysis of various insurance policies is based on the price, the quality and the key benefits. This empowers customers with accurate information on insurance products and helps them make informed purchases. PolicyBazaar has a market share of 50% in the online insurance space, by pitching the right product to the right customer at the right stage of his life. The online firm offer insurance across categories like life, health, motor, travel, general and corporate insurance.
The reason Policy Bazaar has been successful in the industry is because of it lead generating company. In India people don’t buy Insurance easily and prefer to go through a long analysis before buying an insurance. From the beginning, the insurance agents used to help the customers to make this decisions. But with the increase in availability of huge number of options in insurance industry too, the agents might get biased by the companies providing huge incentive.
PolicyBazaar has a solution for as it provides value proposition of simplifying the buying process of insurance policies and provides and comparison of various schemes available in the market. It analyses the various products on the basis of price, quality and key benefits. As a policy web aggregation, PolicyBazaar empowers its customer with the accurate information which indeed helps them to make a buying decisions.
PolicyBazaar started out with a business model that revolved around giving information to customers. And based started to concentrate on aggregate that’s when the business started picked up. They now handle insurance deals end to end such that the payment collection and even the claims support is provided by them. It analyzes the lifestyle and medical history of the family to draw an analysis as to what diseases a consumer may get affected by in the near future and suggest insurances products based on that Policybazaar also a huge gap in market.
With the types of services provided by Policy Bazaar it is planning to become a one shop stop.
Customers are aware of the insurers operating in segments. However, the Fintech industry is an open market place allows comparison and enables the consumer to actually evaluate the value being offered by products. Unlike the other offline players, all the data available to PolicyBazaar as it resides in a central repository. It has 5 to 6 years of customer data. One of other main focus areas is to get into innovative product based on customer profiles. The products are digitally sold on policybazaar and are exclusive products that will transform the way people purchase insurance.
Another way it is being sustainable is by following the run strategy and adds new feature and technology to provide enhanced customer experience. The mobile apps in android and IOS platform where a customer can not only search, compare and buy insurance through the PolicyBazaar app but can use interesting features like hospital locator, garage locater and insurance premium calculator and instant renewal of insurance policies and claim assistance and more.
The major competition for PolicyBazaar in the online policy marketplace is companies like Bank Bazaar and Acko. This market space is very competitive and are able to show value for money to the consumer in the order to remain relevant. But the Policy Bazaar has increased its level of transparency in product feature, cost and services. To rise to the competitive forefront these market players are realigning their business models according to what the consumers’ needs and expectation of the future target groups.
Some of the well known competitors of Policy Bazaar.
The ecosystem services can not only help you build loyalty but also to increase profits in the long run. The insurance landscape in India is surely seeing a shift but is still traditional up to a certain extend and also another difficulty is motivating customers online. According to the report by PWC 275 of the insurance buyers still rely on the word of mouth while the other 22% believe in agents making them 50% of the online users together. The other 50% rely on online aggregators, out of which 20% rely on Policy Bazaar to develop a future ready strategy.
As digital technologies are becoming more pervasive year on year, they are diminishing the barriers to entry such as prohibitive costs and enable the scaling of operations on demand. As a result, the competitive set is bound to change rapidly.
Policy bazaar currently has 70% of the sale of overall online insurance which is done through online lead generation segment where insurance aggregators sell lead to insurers. It dominates the market with 4 out of 5 leads through internet as it is claimed by them. There are 100 million visitors each year and more than 250 insurance plans on the platforms. Hence why the company focus should be on increasing positive network effects by attracting more users.
There is a multi-homing cost and doesn’t charge its users. The user can also switch to different platforms easily so they could provide a unique value preposition from different insurance companies to its users. Policy bazaar also focuses on providing complimentary services besides insurance policies and is planning to become the one stop solution. It is also planning to start its new vertical in the financial services.
In 2017, when the number of transactions grew to 250,000 a month from 120,000 a month previously. Policy Bazaar managed nearly 100 million customer queries over the phone 2017. The company was growing exponentially and needed innovation to balance out the equation. Which is why Policy Bazaar adopted Amazon Polly a text to speech TTS solution, to take its customer service to the next level.
It uses Amazon Polly for Voice Broadcasting critical voice alerts and inbound calls. Amazon play a huge part in the success of Policy Bazaar as it made a different to enable them to shift from sharing one size fit all pre-defined responses to customer queries such as your documentation is pending or something is wrong with your uploads. With Amazon polly our system identifies the customers and generates a voice call that resolve their queries on a personal basis.
Based on the success of PBee, Amazon Polly powered interactive voice response IVR engine and intends to build a voice bot called PBee Talk that uses Amazon Polly for post-sales support. It enables customers to speak to them at their toll free number and get answer to their queries on policy status, etc. This will be achieved by integration of text to speech and speech to text feature. This is one of the main reason for the sustainability of Policy Bazaar.com despite its completion from other fintech players like Bank Bazaar and Acko.
PolicyBazaar- Conclusion
Policy Bazaar is trying and testing all possible methods to provide its users good and stress-free experience. All the efforts are turning fruitful as Policy Bazaar is increasing its user base all over India. People have started to trust this emerging Fintech startup. It has over 100% growth rate for the past three years and has 300,000 transactions every month and also has almost 50 insurance brands on its portal. To enable this blistering rate of growth we need to ensure that more and more people buy insurance online. The only way to achieve this is by serving the customers better in order to sustain the growth of the company.
PolicyBazaar- FAQ’s
What is Policybazaar?
Policybazaar is a one-stop online destination for all types of insurance products. It holds experience and expertise in insurance to help customers choose the best insurance policies.
What is Policybazaar’s valuation?
Policybazaar valuation is around $2.4 billion (march 2021).
Who is the CEO of Policybazaar?
Sarbvir Singh is the CEO of Policy bazaar.
How much is Policy bazaar’s revenue?
Its revenue from operations almost doubled in the fiscal year March 2019 to reach Rs 310.3 crore from Rs 158.3 crore it earned in FY18.
Is Policybazaar and PaisaBazaar same?
PaisaBazaar is launched by PolicyBazaar to offer financial advisory services to customers, while Policybazaar offers insurance-related products and services.
Who are the top competitors of Policy bazaar?
The top 10 competitors in PolicyBazaar’s competitors are:
