Radar · Insurance Distribution in Mumbai
Best Insurance Distribution Companies in Mumbai, India
The 81 best Insurance Distribution companies in Mumbai, India in 2026, ranked by funding and momentum. Funding, investors, founders, valuation, tech stack and live signals. Top: Mahindra Insurance Brokers.
By Riya SenguptaFinancials
81companies tracked
$33.1Mdisclosed funding
0unicorns
6have raised
FLIAR INTELLIGENCE · INSURANCE DISTRIBUTION × MUMBAI
Our analysis of 50 Insurance Distribution companies
$16.7b in tracked funding; 79% of the stack-profiled cohort runs cloud-native; funding activity peaked in 2024.
50companies analysed
79%cloud-native stacks
2024funding peak (by rounds)
3unicorns
2009median founding year
470kcombined LinkedIn audience
80%of audience held by top 3
2companies hiring publicly (12 mo)
Ranked: Best Insurance Distribution companies in Mumbai
| # | Company | Revenue | Disclosed funding | Revenue YoY | Employees | Founder | Tech stack | Recent signals |
|---|---|---|---|---|---|---|---|---|
| 1 | Edelweiss Provider of investment management, SME loans, and insurance services | $1.1B FY2025 | — | +9231% | 13 | Rashesh Shah Co-Founder | WordPressApple iCloud MailMicrosoft 365+26 | — |
| 2 | Mahindra Insurance Brokers Provider of diversified insurance brokerage services | $132M FY2024 | $15M | +157% | 683 683 → 937 (+37%) | Anand Mahindra Founder | — | 1 launch |
| 3 | Probus Insurance Provider of online platform for comparing and purchasing various insurance plans | $47M FY2025 | $7M | +45% | 199 | Rakesh Goyal Founder & Director | WordPressMySQLPHP+31 | — |
| 4 | Future Generali Diversified insurance firm | $29M FY2024 | — | -28% | 2,631 2,631 → 5,010 (+90%) | Alok Rungta MD & CEO | Apple iCloud MailTypeScriptFirebase+28 | 1 award |
| 5 | Global Insurance Brokers Provider of insurance brokerage services | $28M FY2025 | — | +99% | 331 | — | FusionChartsEnvoyAmazon Web Services+10 | — |
| 6 | KMD Provider of life, health, property, and reinsurance brokerage services | $24M FY2025 | — | +5% | 25 | — | WordPressMySQLPHP+16 | — |
| 7 | Alliance Provider of insurance brokerage services | $22M FY2025 | $11M | +12% | 449 449 → 622 (+39%) | Aatur Thakkar Co-Founder | WordPressMySQLSalesforce+26 | 1 award |
| 8 | India Insure Composite brokers focused on corporate insurance | $18M FY2023 | — | — | 123 123 → 263 (+114%) | Vippin Chandra Managing Director | — | — |
| 9 | Howden Provider of insurance brokerage services | $16M FY2022 | — | — | 175 | Praveen Vashishta CEO & MD | — | — |
| 10 | Edelweiss P&C insurance broker | $11M FY2025 | — | +112% | 481 | Rashesh Shah Co-Founder & Co-CEO | — | — |
| 11 | First Advisor Provider of life & health insurance services | $7M FY2025 | — | +14% | — | Vikaas Kr Tulsyan Managing Director | — | — |
| 12 | IRM Provider of fire, rural, health,car,travel,bike and life insurance services | $5M FY2025 | — | — | 21 21 → 50 (+138%) | Chandan Bhartia CEO | — | — |
| 13 | J.B.Boda Group Provider of reinsurance brokering services | $4M FY2025 | — | +7% | 806 806 → 412 (-49%) | Rohit Boda Managing Director | WordPressMySQLPHP+18 | — |
| 14 | Raghnall Provider of personal and commercial insurance brokerage services | $4M FY2025 | — | +25% | 66 66 → 144 (+118%) | Yagnesh Dosshi Founder and Director | PHPChart.jsCodeIgniter+15 | 1 partnership |
| 15 | Infina Provider of insurance claim consulting services | $3M FY2025 | — | +9% | — | Harendra Setalvad Founder | Master SliderPleskWindows Server+12 | 1 partnership |
| 16 | Xperitus Provider of insurance brokering and risk managment services | $3M FY2025 | $774K | +5% | 99 | Girish Anand Founder & CEO | WordPressMySQLPHP+19 | — |
| 17 | Investacc Brand offers brokering services for insurance | $3M FY2025 | — | +47% | — | Dhruvesh Lakhani Founder Director | — | — |
| 18 | Limitless Provider of reinsurance services | $3M FY2025 | — | +129% | — | Akshay Mor CEO | — | — |
| 19 | Mialtus Provider of insurance brokerage and risk management services | $2M FY2025 | — | -14% | — | Virendrra Ghuge CEO | WordPressMySQLPHP+21 | 1 job opening |
| 20 | Medimanage.com Health insurance broker for corporates and individuals | $1M FY2016 | — | +22% | — | Sudhir Sarnobat Founder & Director | — | — |
| 21 | Interlink Insurance and Reinsurance Brokers Non-life composite insurance brokers | $1M FY2025 | — | -17% | 39 | — | — | — |
| 22 | Mathsons Re-Insurance Brokers Provider of reinsurance brokerage services | $1M FY2022 | — | — | — | Bipin H Mathrawala Managing Director | — | — |
| 23 | Goodfaith Insurance Provider of life, health, motor, home, and other insurance brokerage services | $1M FY2025 | — | +8% | — | Sharad Mehta CEO | — | — |
| 24 | Amicus Insurance Diversified insurance brokerage firm | $841K FY2021 | — | +28% | 2 | — | — | — |
| 25 | AAIRB Provider of insurance & reinsurance brokerage services | $799K FY2025 | — | -8% | — | Jay Thakker Managing Director | — | — |
| 26 | Dossa Insurance service agency providing brokerage and distribution solutions | $709K FY2025 | — | +2% | — | — | — | — |
| 27 | Aparys Insurance Broking Provider of health, life & motor insurance services | $625K FY2025 | — | +120% | — | Ajay Sharma Managing Director | — | — |
| 28 | Harmony Insurance Broking Provider of property, marine & liability insurance services | $551K FY2025 | — | +13% | — | Bhavin Parekh Founder & Owner | — | — |
| 29 | Athena Provider of reinsurance, fire, marine & motor insurance services | $374K FY2025 | — | +36% | — | Utpal Kapadia Founder | — | — |
| 30 | Future First Provider of personal & commercial insurance services | $361K FY2025 | — | -37% | — | K Jayaraj Co-Founder | — | — |
| 31 | Bluebells Insurance Broking Provider of life, motor, home & travel insurance services | $322K FY2025 | — | +24% | — | Anand Kulkarni Founder | — | — |
Top 7 Insurance Distribution companies in Mumbai
#1
Series A · Mumbai, Maharashtra · founded 2002 · 199 employees$6.7Mraised▾
Series A · Mumbai, Maharashtra · founded 2002 · 199 employees
Provider of online platform for comparing and purchasing various insurance plans. The platform offers options for life, health, motor, travel, property, and rural insurance. It also provides investment plans, including pension plans, ULIPs, endowment policies, and guaranteed return plans. The platform facilitates policy renewals and claim filing.
LinkedIn Pulse recent public activity · Jul 2026
Audience: 17k LinkedIn followers — 3.6% of this cohort's audience
Funding rounds
- Dec 2021Series A$6.7M
Founders & team
Investors
BlueOrchard, InsuResilience Investment Fund, Goyal Trading Company, NewEra Graphics, Amansatlantic, Inclusive Fintech 50
Tech stack
Amazon S3Amazon Web ServicesAngularAngularjsApache Http ServerAws Certificate Manager
#2
Series A · Mumbai, Maharashtra · founded 2004 · 683 employees$14.9Mraised▾
Series A · Mumbai, Maharashtra · founded 2004 · 683 employees
Provider of diversified insurance brokerage services. It provides a comprehensive suite of insurance products, including personal lines, commercial lines, and reinsurance. The broker works with various insurance companies to offer customized solutions tailored to individual and corporate clients' needs. It services extend from risk assessment and policy selection to claims administration, ensuring clients receive support throughout the insurance lifecycle. The firm also facilitates partnerships with other businesses to expand insurance access and create employment opportunities. They offer both online and in-person services.
LinkedIn Pulse recent public activity · Jul 2026
Audience: 52k LinkedIn followers — 11.1% of this cohort's audience
Activity: 1 product launches announced in 12 mo
Funding rounds
- Sep 2012Series A$14.8M
Founders & team
Investors
LeapFrog Investments, Ridge Centre
#3
Series A · Mumbai, Maharashtra · founded 2003 · 449 employees$10.8Mraised▾
Series A · Mumbai, Maharashtra · founded 2003 · 449 employees
Provider of insurance brokerage services. Its other services include aviation and aerospace, infrastructure, energy, media, entertainment, sports, audit, risk assessment and claims management. And also offers commercial motor insurance services.
LinkedIn Pulse recent public activity · Jul 2026
Audience: 32k LinkedIn followers — 6.7% of this cohort's audience
Activity: 1 awards announced in 12 mo
Funding rounds
- Mar 2016Series A$8.2M
- Oct 2015Series A$2.6M
Founders & team
Investors
Access Asset Managers, Liatris, Argenttrading, Wide Group
Tech stack
BootstrapCloudflareCloudflare Bot ManagementContact Form 7Facebook PixelGodaddy
#4
Seed · Mumbai, Maharashtra · founded 2003 · 99 employees$773.9Kraised▾
Seed · Mumbai, Maharashtra · founded 2003 · 99 employees
Provider of insurance brokering and risk managment services
Funding rounds
- Jun 2020Angel$569.7K
- Mar 2015Angel$204.2K
Founders & team
Investors
Dhaval Patel, Ami Patel, Aditya Patel, Aman Patel, Atul Zaveri, Raju Zaveri
Tech stack
Animate.CssAnime.JsBootstrapCdnjsCloudflareContact Form 7
#5
Seed · Mumbai, Maharashtra · founded 2014 · 66 employees—raised▾
Seed · Mumbai, Maharashtra · founded 2014 · 66 employees
Provider of personal and commercial insurance brokerage services. It provides solutions to individuals and businesses by sourcing policies across multiple insurers to find the best coverage and rates. ITs brokers typically assist clients by understanding their insurance needs, researching multiple insurer options, presenting tailored policy choices for personal and commercial insurance, facilitating policy purchases, and providing ongoing support, including claims assistance.
LinkedIn Pulse recent public activity · Jul 2026
Audience: 5k LinkedIn followers
Activity: 1 partnerships (incl. Kiwi General Insurance Limited) announced in 12 mo
Funding rounds
- Sep 2024Seed—
Founders & team
Investors
Equirus Capital
Tech stack
PhpCodeigniterBootstrapApache Http ServerJqueryCloudflare
#6
Acquired · Mumbai, Maharashtra · founded 1995 · 13 employees—raised▾
Acquired · Mumbai, Maharashtra · founded 1995 · 13 employees
Provider of investment management, SME loans, and insurance services. The company offers mutual fund, life & general insurance, wealth & asset management, business & home loans, asset advisory, and insurance management services.
LinkedIn Pulse recent public activity · Jul 2026
Audience: 226k LinkedIn followers — 48.1% of this cohort's audience
Activity: 1 awards announced in 12 mo
Founders & team
Investors
Ontario Teachers' Pension Plan, Allianz, Sanaka India, CDPQ, Fidelity Investments, Goldman Sachs
Tech stack
AkamaiAkamai MpulseAmazon AlbAmazon CloudfrontAmazon S3Amazon Web Services
#7
Acquired · Mumbai, Maharashtra · founded 2005 · 481 employees—raised▾
Acquired · Mumbai, Maharashtra · founded 2005 · 481 employees
P&C insurance broker
Funding rounds
- May 2019Series A—
Founders & team
Investors
Gallagher, Edelweiss
Funding & investor landscape
$33.1Mtotal disclosed funding
4companies funded
6disclosed rounds
0rounds last 90 days
Most active investors
Argenttrading1 rounds
Notable founders
Rakesh Goyal
Founder & Director · Probus Insurance
Trupti Balasubramaniam
Chief Executive Officer · Probus Insurance
Anand Mahindra
Founder · Mahindra Insurance Brokers
Vedanarayanan Seshadri
Managing Director · Mahindra Insurance Brokers
Aatur Thakkar
Co-Founder · Alliance
Nayana S Thakkar
· Alliance
Girish Anand
Founder & CEO · Xperitus
Yagnesh Dosshi
Founder and Director · Raghnall
Rashesh Shah
Co-Founder · Edelweiss
Vinay Arvind Sohani
Co-Founder & Co-CEO · Edelweiss
Prism market signals · India · country-scoped Prism corpus, 5,992,189 docs
Market landscape — 10 sub-themes by coverage
Share of Insurance Distribution coverage by sub-theme.
Regulatory-risk over time rising
Funding & growth over time
funding rising · growth rising
RESEARCH SIGNALS · India
How research on Insurtech is moving in India
A read on the academic research around Insurtech — which themes are gaining ground, the institutions and researchers driving them, and how the tone is shifting. Based on 25 India-affiliated papers.
top research entities
- Maharshi Dayanand University2
- Amity University2
- Vellore Institute of Technology University2
- Lovely Professional University2
- Graphic Era University2
leading researchers
Sakshi Malik · Rosy Dhall · Anjani Singh Tomar · Sumit Agarwal · Garima Bhardwaj · Ekta Saraswat · Namrata Singh · Rashmi Aggarwal
▲
Breakthroughs3 · 12%
▲ 0%→25% share
4 median citations100% since 2021mostly methods-led
Breakthroughs are rising (0%→25% of field), led by Interpretability.
rising sub-themes (early→recent)
- Interpretability1
- Wearable computer1
- Advanced driver assistance systems1
- Global Positioning System1
- Automobile insurance1
Landmark Road Rage and Aggressive Driving Behaviour Detection in Usage-Based Insurance Using Machine Learning · 14 cites
◆
Advancements9 · 36%
▲ 0%→25% share
0 median citations100% since 2021mostly empirical
Advancements are rising (0%→25% of field), led by Context (archaeology).
rising sub-themes (early→recent)
- Context (archaeology)2
- Telematics1
- Novelty1
- Exploratory research1
- Moral hazard1
Landmark Insurtech Fostering Automated Insurance Process using Deep Learning Approach · 33 cites
▼
Concerns6 · 24%
▲ 0%→12% share
0 median citations100% since 2021mostly position pieces
Concerns are rising (0%→12% of field), led by Momentum (technical analysis).
rising sub-themes (early→recent)
- Momentum (technical analysis)1
- Key (lock)1
- Development economics1
- Computer security1
- Digital transformation1
Landmark The Evolving Role of Insurtech in India: Trends, Challenges and The Road Ahead · 3 cites
Common questions
How many Insurance Distribution companies are there in Mumbai, India?
Radar tracks 81 indexable Insurance Distribution companies headquartered in Mumbai, India, India, that meet our profile-completeness bar.
What is the total funding raised by Insurance Distribution companies in Mumbai, India?
The Insurance Distribution companies in Mumbai, India on this list have raised a combined $33.1M in disclosed equity funding across 4 funded companies.
Which is the highest-funded Insurance Distribution company in Mumbai, India?
Mahindra Insurance Brokers is the highest-funded Insurance Distribution company in Mumbai, India, with $14.9M in disclosed equity funding.
How many Insurance Distribution companies in Mumbai, India are funded?
4 of the 81 Insurance Distribution companies in Mumbai, India on this list have disclosed at least one equity funding round.
How many Insurance Distribution unicorns are there in Mumbai, India?
None of the Insurance Distribution companies in Mumbai, India on this list currently has a disclosed valuation of $1B or more.
Who are the top investors in Mumbai, India Insurance Distribution companies?
The most active investors in Mumbai, India Insurance Distribution companies on this list include Access Asset Managers, Aditya Birla Capital, Allianz, Amansatlantic, Argenttrading.
Riya SenguptaFinancials
Riya reads income statements for fun. She covers the real money in a sector — revenue, growth, who actually earns — and never met a vague claim she didn't want a number for.