Symbo India Insurance Broking Private Limited, the IRDAI-licensed entity behind the embedded-insurance platform Symbo, filed revenue of just ₹12.8 crore (~$1.33 million) for the year ended March 2025, up 46.8% from ₹8.7 crore the year before, according to corporate-data aggregators Inc42 and TheCompanyCheck. That is a rounding error next to the “$100 million-plus” in annual gross written premium (GWP) the wider Symbo platform has told the press it processes across India, Malaysia, Singapore and Indonesia.
Both numbers can be true at once, and understanding why is the real story here: Symbo does not underwrite insurance or collect most of the premium itself, it sells the plumbing that lets a shoe, a pair of spectacles or a fitness class come with a policy attached at checkout. The premium mostly flows to licensed insurers; Symbo keeps a sliver, one point-of-sale policy at a time.
Quick facts
| Company | Symbo (Symbo Platform Holdings; Indian operations run through Symbo India Insurance Broking Pvt Ltd, “SIIB”) |
| Founded | 2017, Mumbai |
| Founder(s) | Anik Jain, Mitesh Jain, Kartik Poddar and Abhinav Jhunjhunwala; Adrit Raha joined as co-CEO in 2020 through the acquisition of his firm Vivant (YourStory, March 2022) |
| Businesses | Embedded point-of-sale insurance distribution plus SaaS/technology licensing to insurers, agents and brokers |
| Latest FY revenue (SIIB, India) | ₹12.8 crore (~$1.33 million), FY25 (year ended March 2025) |
| Latest FY profit/loss (SIIB, India) | Net profit up 194.4% year-on-year in FY25; net margin 18.55%, operating margin 18.03% |
| Listed | Private — no public listing |
| Market value / last valuation | Not disclosed; last disclosed funding was a $9.4 million Series A in March 2021 |
| Key shareholders / CEO | Mitesh Jain, CEO and co-founder (appointed CEO of SIIB on 24 January 2023); investors include CreditEase Fintech Investment Fund, Think Investments, Integra Partners, Insignia Ventures and AJ Capital |
What they do
Symbo builds the technology layer that lets other businesses sell insurance without becoming an insurer. A shopper buying spectacles on Lenskart, shoes on Bata or Red Tape, or a bicycle on Decathlon can be offered a small, contextual policy — breakage cover, theft cover, accidental damage cover — bundled into the same checkout flow, underwritten by a licensed insurer and issued instantly through Symbo’s application programming interfaces (APIs). Separately, Symbo licenses the same underlying technology as a dashboard and administration tool to insurers, brokers and agent networks who want to run their own point-of-sale or affinity programmes. In effect, Symbo sits between retail and e-commerce brands, insurance carriers and buyers, doing distribution and policy administration rather than carrying underwriting risk itself.
The origin
Symbo was founded in Mumbai in 2017 by Anik Jain, Mitesh Jain, Kartik Poddar and Abhinav Jhunjhunwala. Anik Jain came in with more than a decade and a half in insurance strategy and B2B business development; Mitesh Jain’s background was in technology consulting and product management inside heavily regulated environments (Startuptalky). The founding insight was not originally about embedding insurance into checkout flows — it was about giving India’s enormous, fragmented base of insurance agents a better technology backbone. The company started by building an agent-facing platform, and within a year had bought its way into scale: it acquired ReLeague Enterprises Private Limited in August 2018 to widen its agent and distribution technology (Startuptalky). The embedded, point-of-sale model that Symbo is now known for only emerged as a deliberate pivot a year or two later.
The struggle years
The agent-network model that Symbo started with is a hard business: thousands of individual agents, manual paperwork, slow policy issuance, and commissions that depend on relationships rather than software. Symbo began shifting its focus toward “embedded” insurance — cover attached automatically to a product or transaction rather than sold separately by a person — from around 2018-19, but by its own account only started seeing real commercial traction in 2020-21 (YourStory, March 2022). That gap of roughly two years is the quiet struggle period: building the integrations, underwriting relationships and claims workflows needed to make a spectacles policy or a shoe-protection plan issue instantly at checkout, with no salesperson in the loop, while the pandemic simultaneously disrupted the face-to-face agent channel the company had started with.
The founding team also changed shape during this period. Adrit Raha joined as co-CEO only in 2020, brought in through Symbo’s acquisition of his company, Vivant (YourStory, March 2022) — a sign that the pivot to embedded insurance needed capabilities the original founding group did not have in-house, and that Symbo was willing to buy them rather than build them from scratch a second time.
The turning point
The clearest, most measurable turning point is the embedded-policy volume curve Symbo disclosed to YourStory in March 2022: from roughly 90,000 policies sold in December 2021, monthly volume climbed to about 110,000 in January 2022 and 148,000 in February 2022, with the company targeting 165,000 for March 2022 and setting a public goal of one million policies a month by the end of 2022 — a month-on-month growth rate the company put at 15-20% (YourStory, March 2022). That is the moment embedded insurance stopped being a side experiment and became the core of the business: a model that had taken roughly three years to find traction was compounding fast enough, on the back of partnerships with consumer brands like Lenskart, Bata, Decathlon and Red Tape, that Symbo could credibly talk about issuing a million policies a month within the year.
The money behind it
Symbo has disclosed a single external funding round on the public record.
- Series A — $9.4 million, announced 4 March 2021. Co-led by CreditEase Fintech Investment Fund and San Francisco-based Think Investments, with existing investors Integra Partners, Insignia Ventures and AJ Capital also participating (Entrepreneur India; Insurtech Insights; Hubbis, all March 2021).
- Use of funds: strengthening the core technology and leadership team, and funding senior business-development hires in Singapore, Malaysia and Indonesia alongside further investment in the Indian affiliate, SIIB (Entrepreneur India, March 2021).
- Total disclosed funding: $9.4 million across one round, per Crunchbase and Tracxn — no further round or valuation has been publicly reported as of September 2026.
- What each backer changed: CreditEase Fintech Investment Fund and Think Investments led the only priced round the company has disclosed, giving it the balance sheet to expand outside India into Southeast Asia; Integra Partners and Insignia Ventures, already on the cap table before the Series A, signalled continuity rather than a new thesis; AJ Capital’s participation was reported alongside the others without a distinct role specified in coverage.
No valuation has been disclosed for Symbo at any point in its public record, before or after the Series A.
How it makes money
Symbo operates as what the industry calls a managing general agent-style intermediary: it designs, prices and technically administers insurance products, and distributes them, without itself carrying underwriting risk on its own balance sheet. Two revenue lines sit under that model.
- Embedded point-of-sale distribution. Symbo earns a small fee or revenue share on every policy issued through a partner’s checkout flow — reported by the company, via Startuptalky, at roughly $1.50 per policy. At high volume (hundreds of thousands of policies a month, by 2022) this becomes a recurring, transaction-linked revenue stream rather than a one-off commission.
- SaaS/technology licensing. Insurers, brokers and agent networks pay to use Symbo’s platform and dashboards to run and manage their own distribution — roughly 15 such clients in India and overseas as of March 2022 (YourStory), and described by the company in 2021 press as 45 “technology licensing partners” globally (Entrepreneur India; Insurtech Insights, March 2021). Startuptalky reports this line had crossed $1 million in cumulative revenue.
The part outsiders tend to get wrong: the “$100 million-plus” in annual GWP that Symbo has cited to the press (Entrepreneur India; Insurtech Insights, March 2021) is the value of the insurance premium flowing through its rails, most of which belongs to the underwriting insurers — not Symbo’s own revenue. Symbo’s own top line is a much smaller slice of that number, taken as a fee for distribution and technology rather than as premium income.
The numbers
Clean, corroborated, filing-based figures are only available for the Indian licensed broking entity, Symbo India Insurance Broking Private Limited, for its two most recent fiscal years; Inc42 and TheCompanyCheck agree on both. A third data provider, Tracxn, publishes a five-year table for the same entity with materially different revenue figures that also conflict with its own stated “revenue range” for the identical year — that inconsistency means the older, unconfirmed figures have been left out here rather than presented as fact.
| Fiscal year (₹ crore) | Revenue | Revenue growth (YoY) | Net profit margin | Net profit growth (YoY) |
| FY24 (year ended March 2024) | 8.7 | not disclosed | not disclosed | not disclosed |
| FY25 (year ended March 2025) | 12.8 | 46.8% | 18.55% | 194.4% |
- Revenue FY25: ₹12.8 crore, up 46.8-47% year-on-year (Inc42; TheCompanyCheck, both September 2025/2026 data pulls citing MCA filings).
- Net profit FY25: up 194.4% year-on-year, with an 18.55% net margin and 18.03% operating margin (TheCompanyCheck, citing Tofler/MCA filings, FY25).
- Paid-up capital: ₹51.58 crore against authorised capital of ₹55 crore (TheCompanyCheck; Tofler).
- Employee headcount of the licensed Indian entity: 25 as of April 2024 (TheCompanyCheck), falling to 21 by August 2025, a reported 19.35% decline (Tracxn) — far smaller than the 75-plus staff the wider Symbo platform claims globally in 2026 (company website), which suggests most of the platform’s people and revenue sit outside the Indian broking subsidiary.
Where the money comes from
Symbo’s own disclosures split its business along product, partner and geography lines rather than reporting a formal segment breakdown.
- By product (India): eyewear/spectacles cover, footwear cover, fitness and marathon cover, bicycle cover, and generic product protection against accidental damage and theft — more than 30 individual insurance products in total (Startuptalky).
- By distribution partner (India): Lenskart, Bata, Decathlon, Red Tape and the sports-booking platform Playo were named as embedded-insurance partners as of 2022 (YourStory); Bajaj Finserv Health was cited as a corporate partner in 2021 press (Entrepreneur India).
- By insurer partner: Reliance General Insurance, TATA AIG, HDFC ERGO, Max Bupa, Bajaj Allianz and Religare were named as underwriting partners on the Indian side (Startuptalky).
- By geography: the platform reported an active footprint in India, Malaysia, Singapore and Indonesia as of March 2021, with AXA Affin General Insurance Berhad and PMCare named as Malaysian partners (Entrepreneur India; Insurtech Insights). By 2026 the company’s own website describes “multi-region readiness” extending toward the Gulf and the wider Middle East and North Africa, alongside Southeast Asia — a forward-looking claim from the company itself, not yet independently corroborated.
- The surprise: despite that four-to-five-country footprint and a headline $100 million-plus GWP figure, the only audited-style numbers in the public record — the Indian entity’s MCA filings — describe a business generating low-double-digit crores of rupees in revenue. The scale story and the filed-revenue story are both true; they are simply measuring different things (premium flow versus Symbo’s own take).
The risks
- Regulatory dependency on IRDAI. SIIB operates in India as a composite broker licensed and regulated by the Insurance Regulatory and Development Authority of India (Tracxn; Inc42). Any tightening of rules around point-of-sale bundling, commission caps, or how embedded add-on covers can be sold at checkout would compress the per-policy economics the whole domestic business is built on.
- Concentrated distribution. The named embedded-insurance partners on the public record — Lenskart, Bata, Decathlon, Red Tape, Playo — are a short list (YourStory, 2022). Losing or renegotiating even one large retail contract would disproportionately affect the monthly-policy-count metric the company uses to demonstrate scale, since that count is a direct function of partner checkout traffic rather than Symbo’s own customer acquisition.
- Thin unit economics at small absolute scale. On a reported take of roughly $1.50 per embedded policy (Startuptalky), profitability depends on very high volume. The Indian licensed entity’s own FY25 filings show total revenue of just ₹12.8 crore against a paid-up capital base of ₹51.58 crore (TheCompanyCheck; Tofler) — a reminder that the “$100 million GWP” headline sits mostly on insurers’ books, not Symbo’s, and that the entity actually filing numbers with India’s Ministry of Corporate Affairs remains small.
The takeaway
The lesson in Symbo’s numbers is not about insurance specifically — it is about reading “platform scale” claims correctly. A company that sits in the middle of a transaction, taking a small fee on premium that belongs to someone else, can genuinely report enormous throughput ($100 million-plus in GWP, millions of policies a month) while its own audited revenue stays modest for years. Neither number is dishonest; they answer different questions. Anyone assessing an embedded-finance business — insurance, lending, payments — needs to ask specifically whose balance sheet the big number sits on before treating it as the company’s own.
Frequently asked questions
What does Symbo actually sell?
Symbo does not sell insurance directly as an underwriter. It provides the technology that lets retail and e-commerce partners such as Lenskart, Bata and Decathlon attach small, contextual insurance covers — for spectacles, shoes, bicycles or accidental damage — to a purchase at checkout, with a licensed insurer underwriting the actual risk. It also licenses the same platform to insurers, brokers and agent networks as software.
Who founded Symbo and when?
Symbo was founded in Mumbai in 2017 by Anik Jain, Mitesh Jain, Kartik Poddar and Abhinav Jhunjhunwala. Adrit Raha joined as co-CEO in 2020 when Symbo acquired his company, Vivant (YourStory, March 2022).
How much funding has Symbo raised?
Symbo has disclosed one funding round: a $9.4 million Series A announced on 4 March 2021, co-led by CreditEase Fintech Investment Fund and Think Investments, with Integra Partners, Insignia Ventures and AJ Capital participating. No valuation or later round has been publicly disclosed as of September 2026 (Entrepreneur India; Crunchbase).
Is Symbo profitable?
Its Indian licensed entity, Symbo India Insurance Broking Private Limited, reported a net profit that grew 194.4% year-on-year in FY25, with an 18.55% net margin, on revenue of ₹12.8 crore (TheCompanyCheck, citing Tofler/MCA filings). That is one profitable entity within the group; profitability of the wider international platform is not separately disclosed.
How does Symbo make money?
Through two lines: a small fee on each embedded, point-of-sale policy sold through partner checkout flows (reported at roughly $1.50 per policy), and SaaS/technology licensing fees from insurers, brokers and agent networks that use its platform to run their own distribution.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Entrepreneur India, “Insurtech Startup Symbo Platform Raises $9.4 Mn In Series A Round”, March 2021
- Insurtech Insights, “Insurtech Startup Symbo Platform Raises $9.4 Million to Scale in India”, March 2021
- Hubbis, “Symbo Insurance Raises USD9.4 Million in Series A Funding”, March 2021
- YourStory, “Selling 1 lakh+ policies each month, why insurtech startup Symbo shifted to embedded insurance”, March 2022
- Startuptalky, “Symbo Insurance | Founders | Funding | Business Model”, accessed September 2026
- Inc42, “Symbo — Funding, Revenue & Investors” company profile, accessed September 2026
- TheCompanyCheck, “Symbo India Insurance Broking Private Limited” company and financial profile, accessed September 2026 (balance-sheet data to 31 March 2025)
- Tofler, “Symbo India Insurance Broking Private Limited” financial summary, accessed September 2026
- Tracxn, “Symbo India Insurance Broking Private Limited” legal-entity profile, accessed September 2026
- Symbo company website (symbo.co), “About Symbo”, accessed September 2026
- Crunchbase, “Symbo” company profile, accessed September 2026
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