What Toffee Insurance does

Toffee Insurance is an Indian insurtech startup founded in 2017 and headquartered in Gurgaon, operating a digital insurance platform focused on embedded micro-insurance distribution. The company designs modular, contextual insurance products — spanning health, home, and travel coverage — and integrates them into non-insurance digital platforms such as e-commerce applications, travel booking sites, fintech apps, and healthtech platforms. This B2B2C go-to-market approach targets India's low-insurance-penetration consumer base by offering coverage at the point of need during everyday digital transactions, rather than through standalone insurance purchases.

The business generates revenue through transaction-fee and commission arrangements with partner platforms and insurance carriers on each embedded policy sold. Specific product names, premium volumes, partner rosters, and contract terms are not publicly disclosed. The company has raised approximately $7.1 million across four funding rounds between 2017 and 2019, with the December 2019 Series A of $5.5 million led by Yellowwoods and supported by Flourish Ventures, Kalaari Capital, Omidyar Network India, and Accion Ventures.

The company's operational footprint is concentrated in India with 51-100 employees. Notably, the corporate website domain (toffeeinsurance.com) has expired and is listed as under suspension by its registrar, with no public announcement clarifying current operating status. Leadership includes co-founders Rohan Kumar (CEO) and Nishant Jain (CPO), alongside director Vivek Gujral and head of marketing Gautam K Sur. The combination of fundraising dormancy since 2019 and the lapsed domain introduces material uncertainty regarding the company's current activity level.

Name

Toffee Insurance

Website

https://toffeeinsurance.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Toffee Insurance is an Indian insurtech founded in 2017 that distributes modular micro-insurance products via embedded partnerships with e-commerce, travel, fintech, and healthtech platforms, targeting India's under-penetrated consumer insurance market.

Ownership category

akta.pro rank

Product category

Embedded Insurance (Micro-Insurance)

NAICS

Insurance Agencies and Brokerages (524210), Other Insurance Related Activities (52429), Finance and Insurance (52)

SIC

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

akta.pro primary industry

Embedded Insurance Distribution & Premium Financing (FSAGALAF)

akta.pro secondary industry

Embedded Travel Insurance Distribution & APIs (THALALAA)

Keywords

• Embedded insurance
• Micro-insurance products
• Insurtech platform
• Digital insurance distribution
• Contextual insurance solutions

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Embedded Micro-Insurance Distribution: Toffee Insurance generates revenue through embedded micro-insurance products distributed via B2B2C partnerships with non-insurance digital platforms. Their modular, contextual insurance products are integrated directly into partner platforms (e-commerce, travel, fintech, healthtech), making coverage accessible during everyday transactions. Revenue is generated through premium sharing or commission arrangements with partner platforms and insurance carriers.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Toffee Insurance is an Indian insurtech that designs and distributes modular, contextual micro-insurance products (including health, home, and travel coverage) for embedded distribution into non-insurance digital platforms. Through B2B2C partnerships with e-commerce apps, travel booking sites, fintech apps, and healthtech platforms, the company makes coverage accessible at the point of need during everyday consumer transactions, simplifying purchasing, claims, and policy management.

Product overview

Toffee Insurance is an Indian insurtech startup that offers modular, contextual micro-insurance products designed for embedded insurance distribution. The company enables insurance coverage to be integrated into non-insurance digital platforms such as e-commerce apps, travel booking sites, fintech apps, and healthtech platforms, making coverage accessible at the point of need during everyday transactions. As an insurtech company, it focuses on digital-first approaches to insurance, though no specific named products or modules have been identified in available sources.

Differentiator

Problem solved

Functional benefit

Products and services

• Embedded Micro-Insurance Products Modular and contextual micro-insurance offerings integrated into partner digital platforms (e-commerce, travel, fintech, healthtech) to provide coverage at the point of need during everyday transactions for Indian consumers.
• Health Insurance Solutions Health insurance coverage provided as part of Toffee Insurance's broader digital insurance offering for Indian consumers.
• Home Insurance Solutions Home insurance coverage provided as part of Toffee Insurance's broader digital insurance offering for Indian consumers.
• Travel Insurance Solutions Travel insurance coverage provided as part of Toffee Insurance's broader digital insurance offering for Indian consumers.

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Policybazaar: Policybazaar is India's dominant online insurance aggregator, distributing life, health, and general insurance including travel and home products. While its model is more of a comparison/aggregator platform than pure embedded insurance, it competes for the same digitally-engaged Indian consumer and partner relationships.
• Digit Insurance: Digit is a well-capitalized Indian digital-first insurer offering health, travel, motor, and home policies online. It competes with Toffee's travel and health micro-insurance offerings and shares a digital-first, simplified-purchase philosophy, though at much larger scale and with direct underwriting capability.
• Lemonade: Lemonade is a global digital-native insurer that pioneered AI-driven, mobile-first insurance and is increasingly expanding into embedded insurance via partner platforms. While US-centric and at much larger scale, its digital-first, simplified-purchase philosophy and product breadth (home, renters, pet, life) overlap with Toffee's roadmap.

Emerging players

• Zopper: Zopper is an Indian insurtech platform that offers embedded and contextual insurance products (device, motor, health) through partner platforms including e-commerce and fintech apps. It is one of the closest direct peers to Toffee's embedded micro-insurance model in India.
• Onsurity: Onsurity is an Indian insurtech offering embedded group health and employee benefits products distributed via tech and SMB partners. It is highly comparable to Toffee's health-adjacent embedded distribution model and targets a similar B2B2C distribution thesis, though focused on group/employee health rather than consumer micro-insurance.
• Cover Genius: Cover Genius is a global embedded insurance provider for e-commerce, travel, and fintech platforms with a product suite that directly overlaps Toffee's travel protection and e-commerce micro-insurance use cases. Comparable on embedded technology, distribution model, and target verticals.
• Coverfox Insurance: Coverfox is an Indian online insurance brokerage offering health, motor, life, and travel insurance comparison and purchase. It is comparable to Toffee's travel and home insurance lines from a consumer-purchase standpoint, though its primary model is aggregator rather than embedded.
• bolttech: bolttech is a global embedded insurance platform enabling partner ecosystems to offer device, travel, health, and lifestyle protection. It is comparable to Toffee's B2B2C embedded distribution thesis and is actively expanding across Asia, making it both a peer and potential partner/acquirer.
• Turtlemint: Turtlemint is an Indian insurtech that distributes life, health, and motor insurance through a digital advisor network and partner integrations. While more advisor-led than Toffee's pure embedded model, it competes in the same digital distribution of insurance products to Indian consumers.

Direct peers

• Acko General Insurance: Acko is a leading Indian digital-native insurer that, like Toffee, sells insurance through digital channels and embedded partnerships (e.g., Ola, Amazon, Flipkart). It is the most direct competitor in India's embedded micro-insurance space, with a direct carrier license giving it a structurally different (and stronger) position on underwriting and product economics.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat2 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/toffeeinsurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds4 records

Investors5 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 Toffee Insurance