Covrzy, a Bengaluru-based startup, has obtained a license from the Insurance Regulatory and Development Authority of India (IRDAI) to work as an insurance broker in India. 

The permit allows Covrzy to offer its users a wide range of business insurance solutions. Founded in 2023 by Ankit Kamra, Covrzy provides insurance for startups and small businesses. 

The company’s platform, which is currently web-based, helps users manage their entire insurance cycle, from finding products to making purchases, handling services, and filing claims.

Covrzy has onboarded over 500 clients across India and collaborates with prominent insurer partners like ICICI Lombard, Bajaj Allianz, and IFFCO Tokio to offer various insurance products. 

The company’s ambitious goals include assisting over 10,000 customers with business insurance needs in the next 12 to 18 months and securing over one million businesses through its platform within the next few years.

Established in 2023 by Ankit Kamra, who had previously launched Karbon Cards and Veera Thota, the company boasts experience with PayPal, Razorpay, Amazon, and similar companies. 

In May of the previous year, the company secured its initial funding round of USD 400,000, with Antler. Antler was leading the round and Shastra VC (formerly Veda VC) also participated.

Kamra expressed that this significant compliance milestone allows them to cater to a larger customer base and rapidly expand, thereby advancing our goal of simplifying, personalising, and making business insurance accessible to millions of SMEs and MSMEs across India.

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