Covrzy Secures IRDAI License to Revolutionize Insurance for Indian MSMEs
| Aspect | Details |
|---|---|
| Company Name | Covrzy |
| Location | Bengaluru, India |
| Milestone | Obtained direct broking (general) license from IRDAI |
| License Purpose | Permits Covrzy to function as a direct insurance broker, offering business insurance solutions |
| Founded By | Ankit Kamra and Veera Thota |
| Focus | Simplifying insurance for SMEs, MSMEs, and startups |
| Funding | Raised $400K in pre-seed round (May 2023) led by Antler and Shastra VC |
| Clients | Over 500 clients, including Redcliffe Labs, Orange Labs, Karboncard, and Schbang |
| Partnerships | ICICI Lombard, Bajaj Allianz, IFFCO Tokio |
| Market Opportunity | Only 1% of Indian MSMEs are currently insured |
| Future Goals | Assist 10,000+ customers in 12-18 months, reach one million businesses in the coming years |
| Leadership | Ankit Kamra (CEO), Veera Thota (CTO with experience from Razorpay, PayPal, and Amazon) |
| Strategic Vision | Increase insurance penetration among MSMEs with a full-stack, digital-first platform |