Insurtech startup Covrzy has received a broking license from the IRDA.

Bengaluru-based insurtech startup Covrzy has achieved a significant milestone by receiving a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI). This license allows Covrzy to function as a direct insurance broker across India, enabling it to offer a comprehensive range of business insurance solutions.

In May of the previous year, Covrzy secured $400,000 in its pre-seed funding round, which was led by Antler and saw participation from Shastra VC (formerly known as Veda VC). The startup was co-founded by Ankit Kamra and Veera Thota and focuses on creating a seamless, customer-friendly insurance purchasing experience, particularly catering to startups, small and medium-sized enterprises (SMEs), and micro, small, and medium enterprises (MSMEs) in India.

Covrzy adopts a digital-first approach to insurance, which helps empower SMEs by providing them with insurance and claims support, thereby democratizing insurance distribution throughout the country. To date, the startup has onboarded over 500 clients across India, including notable names such as Redcliffe Labs, Orange Labs, Karboncard, and Schbang.

Additionally, Covrzy has partnered with several well-known insurance providers, including ICICI Lombard, Bajaj Allianz, and IFFCO Tokio, among others.