Covrzy

What Covrzy does

Covrzy (legally Bizcovr Insurance Brokers Pvt. Ltd.) was a Bengaluru-based insurtech startup founded in 2023 that operated an IRDAI-licensed digital insurance brokerage platform targeting India's underserved MSME, SME, and startup segment. Its core product was a full-stack digital platform that simplified and personalized business liability insurance — comparison, purchase, and policy management — distributed through direct digital channels and backed by a carrier partnership with ICICI Lombard. The company monetized via insurance brokerage commissions on each policy transacted.

In June 2025, Covrzy expanded into embedded insurance through a flagship B2B2C partnership with open-mobility platform Namma Yatri, offering affordable health insurance (hospitalization up to ₹3 lakhs, cashless treatment across 10,000+ hospitals, family floater plans) to driver-captains and their families — covering 3,000+ drivers in Bengaluru at launch with a stated ambition to scale to 50,000+ drivers across multiple cities. Earlier in its lifecycle, Covrzy had raised a Rs 3.2 crore (~$386K) pre-seed round led by Antler with Veda VC/Shastra VC participation in May 2023, and secured an IRDAI Direct (General) Insurance Broker License (IRDAI/DB.1113/2024, valid 15.07.2024–14.07.2027) in July 2024.

The company ultimately ceased operations in March 2026 after approximately three years, citing financial difficulties, a cofounder/CTO resignation, failed M&A negotiations, and inability to meet internal targets. A farewell notice on covrzy-fairwell.vercel.app confirmed the wind-down. The business never raised capital beyond its pre-seed round, and headcount remained in the 11–50 band throughout its operating life.

Name

Covrzy

Legal name

Bizcovr Insurance Brokers Pvt. Ltd.

Website

https://covrzy.com

Company type

Private

Founded year

2023

Operating status

Closed

Headcount range

1–10 employees

Short description

Covrzy (Bizcovr Insurance Brokers Pvt. Ltd.) was a Bengaluru-based, IRDAI-licensed insurtech brokerage offering digital business liability insurance to Indian MSMEs and startups, plus embedded health insurance for gig workers via a Namma Yatri partnership. The company ceased operations in March 2026.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Medicare Plan Distribution & Brokerage (Captive, Independent, FMOs) (FSAIAGAH)

Keywords

• Business insurance platform
• Insurance brokerage services
• Insurtech solutions
• Embedded insurance products
• MSME insurance coverage

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Insurance Brokerage: Covrzy operated as a licensed direct insurance broker in India, earning commissions from insurance products sold to businesses including startups, SMEs, and MSMEs.

Go-to-market motion2 records

Distribution channels2 records

Core offering

Covrzy operated an IRDAI-licensed digital insurance brokerage platform that enabled Indian MSMEs, startups, and SMEs to evaluate, compare, and purchase business liability insurance from partner insurers such as ICICI Lombard. The company additionally offered embedded health insurance products distributed through platform partnerships, providing hospitalization coverage up to ₹3 lakhs, cashless treatment across 10,000+ hospitals, and family floater plans for gig workers and their families.

Product overview

Covrzy was an insurtech startup offering a digital insurance platform that simplified and personalized business liability insurance for Indian MSMEs, startups, and SMEs. The core product was the Business Liability Insurance Platform, which allowed customers to compare insurance options and purchase policies from partnered insurers including ICICI Lombard. Additionally, Covrzy offered embedded health insurance products through platform partnerships like Namma Yatri, providing health coverage with hospitalization benefits up to ₹3 lakhs and cashless treatment across 10,000+ hospitals. The company was licensed by IRDAI as a direct insurance broker (Registration Code IRDAI/DB.1113/2024). Covrzy officially shut down operations in 2026 after approximately three years due to financial difficulties.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Liability Insurance Platform A digital insurance platform offering simplified and personalized business liability insurance for Indian MSMEs, startups, and SMEs. The platform enabled customers to evaluate coverage options and purchase policies from partnered insurers including ICICI Lombard, addressing the complexity and lack of personalization in obtaining business liability insurance for small businesses.
• Embedded Health Insurance Affordable health insurance product integrated within partner platforms (initially Namma Yatri), providing hospitalization coverage up to ₹3 lakhs, cashless treatment across 10,000+ hospitals, and family floater plans covering spouses and children of driver-captains and gig workers.

Quantifiable outcome

• 500+ clients onboarded including well-known companies
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered flagship and core.

• Namma YatriflagshipStrategic or Co-development Partner · 9 June 2025Covrzy partnered with open-mobility platform Namma Yatri to provide affordable, embedded health insurance to 3,000+ driver-captains and their families in Bengaluru, with plans to scale to 50,000+ drivers across multiple cities within 12-18 months. The partnership included hospitalization coverage up to ₹3 lakhs, cashless treatment across 10,000+ hospitals, and family floater plans.
• ICICI LombardcoreTechnology or Integration · 23 May 2023Covrzy partnered with ICICI Lombard as an insurer partner, leveraging their insurance products and infrastructure to serve MSMEs and startups through the full-stack platform.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Digit Insurance: India-based digital-first insurer offering a broad portfolio including commercial, health, and motor lines for SMEs and consumers. Comparable to Covrzy as a digital-first Indian insurance player targeting SME customers, though operating as an underwriter rather than a broker.
• PolicyBazaar: India's largest insurance aggregator and comparison platform serving consumers and SMEs across life, health, and general insurance. Directly comparable to Covrzy as a digital insurance distribution layer in India with overlapping MSME and consumer audiences, but far broader in product scope and well-funded.
• Acko General Insurance: India's largest digital-first insurer offering motor, health, and commercial lines including products aimed at SMEs and gig workers. Overlaps with Covrzy on digital distribution to Indian small businesses and embedded/gig-worker products (e.g., Acko Drive, Ola partnerships), but operates as a licensed insurer rather than a broker.

Direct peers

• InsuranceDekho: India-based online insurance broker/distributor offering comparison across life, health, motor, and commercial lines for individuals and businesses. Closely comparable to Covrzy's digital broker model targeting Indian consumers and SMEs, with a similar POSP-led distribution overlay.
• Coverfox: Online insurance broker in India offering comparison and purchase of health, motor, life, and general insurance products. Closely matches Covrzy's digital-broker model targeting Indian consumers and small businesses through a self-serve platform.
• RenewBuy: India-based digital insurance broker offering motor, health, life, and SME products through a POSP-driven distribution model. Comparable to Covrzy's digital-first brokerage and SME-targeted distribution in India.
• Onsurity: India-based insurtech providing group health and employee-benefits plans to SMEs, startups, and gig workers via a digital platform. Closely comparable to Covrzy's MSME/SME customer segment and digital distribution approach, particularly on the health-insurance and embedded-benefits side.
• Plum (for Business): India-based employee-health and group-insurance platform serving startups and SMEs. Comparable to Covrzy on the SME/startup segment, digital broker model, and embedded-insurance partnerships, with similar reliance on carrier relationships (e.g., ICICI Lombard).

Others

• Zopper: India-based insurtech infrastructure platform enabling insurers, banks, and retailers to embed insurance products at point of sale. Comparable to Covrzy's embedded-insurance vision and carrier-integration architecture, though Zopper operates as a SaaS/enabler rather than a licensed broker.

Emerging players

• Toffee Insurance: India-based micro-insurance and embedded-insurance startup targeting gig workers and underserved segments with bite-sized products. Comparable to Covrzy's embedded/gig-worker insurance work with Namma Yatri and similar partnerships, though narrower in product scope.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors2 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 Covrzy