Nova Benefits

What Nova Benefits does

Nova Benefits is an India-based corporate health benefits platform that combines IRDAI-licensed insurance brokerage (Life & General) with a wellness services suite, headquartered in Bengaluru and incorporated as NovaBenefits Private Limited (CIN: U66020KA2020PTC141160). The company's wholly-owned subsidiary, NovaBenefits Insurance Brokers Pvt Ltd, places group health insurance, super top-up, and COVID-19 insurance policies with carriers such as ICICI Lombard and earns broker commissions as its primary revenue stream. Beyond brokerage, Nova operates an integrated technology stack comprising an Employee Experience portal, an Employer/HR administration dashboard, and native iOS and Android applications, supported by integrations with Third Party Administrators (Good Health TPA, Paramount TPA) and Google Health Connect for fitness data. The wellness layer includes Telehealth, Social Fitness (step-tracking challenges and leaderboards), Mental Wellness, and a Maternity Box, broadening the proposition from pure insurance placement to a full-stack employee benefits experience.

Nova Benefits serves 500+ corporate clients across India covering 200,000+ lives, with named customers spanning large enterprises and conglomerates (Tata Capital, Tata, Netflix, Snapdeal, SIXT) and mid-market and startup segments (Fynd, Lentra, Cleartax, FarMart, Appsmith, Rupeek, Rocket Pay, Credgenics, Medibuddy). The company operates a sales-led go-to-market with direct enterprise and inside sales motions targeting HR leaders, offering quote-based annual subscription pricing for corporate plans alongside a unit-priced Super Top-Up product starting at INR 529 per year. As of 2022, the company had raised approximately $11M+ across a $1M seed (April 2021, Better Capital, Multiply Ventures, Titan Capital), a $10M Series A (September 2021, SIG and Bessemer Venture Partners co-led), and undisclosed follow-on rounds from SHL Capital and AngelList's Early-Stage Quant Fund. The company also operates Reco, a sub-brand offering cyber, D&O, E&O, CGL, and crime insurance to business clients.

Name

Nova Benefits

Legal name

NovaBenefits Private Limited

Website

https://novabenefits.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

101–250 employees

Short description

Nova Benefits is an India-based, IRDAI-licensed corporate health benefits platform combining insurance brokerage with a tech-first wellness suite. It serves 500+ companies covering 200,000+ lives via its portal, mobile apps, and broker-driven sales motion targeting HR leaders.

Ownership category

akta.pro rank

Product category

Corporate Health Insurance Brokerage

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Other Insurance Related Activities (52429)

SIC

Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321)

akta.pro primary industry

Care Navigation, Advocacy & Benefits Guidance Platforms (HLALADAJ)

akta.pro secondary industries

Small Group Health Insurance (2–50/100) (FSAIAFAD), Primary Care & General Medicine Virtual Care (Employer-Sponsored) (HLALADAA), Group/Employer-Sponsored Critical Illness & Hospital Indemnity (FSAIAKAD)

Keywords

• Group health insurance
• Employee benefits platform
• Corporate wellness services
• Insurance brokerage services
• HR benefits administration

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Insurance Brokerage Commission: Nova Benefits acts as an IRDAI-licensed Direct Broker (Life & General) earning commission from insurance providers for placing corporate health insurance policies. The company is NovaBenefits Insurance Brokers Pvt Ltd with IRDAI Broking License IRDA/DB848/20.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels9 records

Core offering

Nova Benefits operates as an IRDAI-licensed insurance Direct Broker that distributes corporate group health insurance and complementary wellness services (telehealth, mental wellness, fitness, maternity benefits) to companies in India. Its core product is group health insurance placement, augmented by Super Top-Up and Covid Insurance products, with claims administration and policy management delivered through a proprietary cloud-based platform and native mobile apps for HR teams and employees.

Product overview

Nova Benefits operates as a unified employee health benefits platform combining insurance brokerage and wellness services. The core offering is Group Health Insurance, supplemented by add-on insurance products including Super Top-Up Insurance and Covid Insurance. The wellness suite includes Telehealth (unlimited doctor consultations), Social Fitness (fitness tracking with Google Health Connect integration), Mental Wellness (professional emotional support), and Maternity Box (newborn essentials). The platform consists of two portals: the Employee Experience Platform for end-users to manage claims and access benefits, and the Employer Experience Platform for HR administrators. Mobile applications are available for both Android and iOS. The company serves both Small Teams (0-50 employees) and Large Teams (250+ employees) segments.

Differentiator

Problem solved

Functional benefit

Brands

• Reco: Business insurance sub-brand offering cyber, D&O, E&O, CGL, and crime insurance products.

Products and services

• Group Health Insurance Core group health insurance coverage placed through IRDAI-licensed brokerage for corporate clients and their employees and families, providing cashless and reimbursement claims at network hospitals.
• Super Top-Up Insurance Additional coverage plan that supplements an existing health insurance policy by providing higher coverage limits for employees; sold with unit pricing starting from INR 529 per year.
• Covid Insurance

Quantifiable outcome

• Covers over 200,000 employees across 500+ companies
• +3 more outcomes

Named customers18 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• ICICI LombardcoreStrategic or Co-development PartnerInsurance provider partner. Nova Benefits and ICICI Lombard transformed claims processing with real-time digital innovation, enabling faster claims settlement for Nova's corporate clients.
• Good Health TPAcoreTechnology or IntegrationThird Party Administrator partner for claims processing and insurance administration services integrated with Nova Benefits platform.
• Paramount TPAcoreTechnology or IntegrationThird Party Administrator partner for claims processing integrated with Nova Benefits platform.
• Manah WellnessminorStrategic or Co-development PartnerWellness partner providing mental health webinars and wellness content integrated into Nova Benefits' wellness offerings.
• Reco (getreco.in)minorGTM or Marketing PartnerBusiness insurance comparison platform under Nova Benefits umbrella offering cyber, D&O, E&O, CGL, and crime insurance products.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Others

• Pazcare:

Direct peers

• Onsurity: India-based employee benefits platform providing group health insurance and wellness subscriptions (telehealth, fitness, mental health) to SMBs and enterprises. Directly comparable product mix and customer segment to Nova Benefits.
• Plum: Indian insurtech offering group health, life, and accident insurance to employers through a tech platform. Plum is the closest direct competitor, targeting the same SMB and mid-market employer segment with a similar broker-plus-tech model.
• Loop Health: Indian group health insurance broker for employers, bundled with OPD, wellness, and doctor consultation services. Competes head-to-head with Nova in corporate health benefits distribution and administration.

Broad incumbents

• Policybazaar (PB Fintech): India's largest insurance aggregator and broker, publicly listed, covering life, health, motor and more across retail and group segments. Overlaps with Nova in group health brokerage but at vastly greater scale and breadth.
• Digit Insurance: India-licensed general insurer with a growing group health and employee benefits book, competing with Nova's carrier partners and increasingly selling direct to corporates. Broader portfolio but adjacent in employer benefits.
• Acko General Insurance: India-licensed digital-first general insurer selling group health, motor, and travel products, including direct-to-corporate group plans. An insurer rather than broker, but a credible alternative for large employers considering disintermediating brokers.

Emerging players

• MediBuddy: Indian digital healthcare platform offering telehealth, lab tests, medicine delivery, and corporate wellness — also a Nova customer and partner. Overlaps with Nova's telehealth/wellness services and employer channel.
• Kenko Health: India-based subscription health and wellness platform offering outpatient benefits, teleconsultations, and insurance to individuals and small businesses. Adjacent rather than direct, but competes for the same employer wellness wallet.

Regional players

• InsuranceDekho (by Onsurity / parent): Indian insurance broker/aggregator with growing corporate health and employee benefits distribution. Comparable in geography and intermediation role, though stronger in retail than Nova's enterprise focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/novabenefits
• YouTubeyoutube.com/channel/UCXeubD17S937tzG9R2SI2hg/featured
• LinkedInlinkedin.com/company/nova-benefits
• Instagraminstagram.com/novabenefits
• Facebookfacebook.com/novabenefits

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nova Benefits