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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2023)
Investment Thesis
Mumbai-based IRDAI-licensed insurance web aggregator (est. April 2020) operating under the Bima Mandi brand. Allows comparison and online purchase of life, health, motor and general insurance from multiple insurers. Seed-funded ($896K from 88 investors at $10.6M valuation). Revenue ₹1.4 Cr FY2023 — very early stage. Competing against well-capitalised incumbents (PolicyBazaar, Coverfox, Turtlemint). IRDAI license renewal due November 2024. Founded by experienced professionals (Sawnani is FCA, CMA USA, ACS, LLB, CAIIB). InsurTech sector has long-term potential but achieving scale will be challenging.
Pros
Cons
Business Segments
Insurance web aggregation — online comparison and purchase of life, health, motor and general insurance (brand: Bima Mandi)
IRDAI-licensed web aggregator (License No. IRDAI/INT/WBA/69/2021)
Revenue Model
Insurance web aggregators earn commission income from insurance companies for policies sold through their platform. They may also earn lead generation fees and referral commissions from partner insurers.
Detailed Analysis
Growth Plans
Growing digital insurance adoption in India, with online insurance premium expected to grow significantly through 2027
IRDAI's push for increased insurance penetration and digital distribution
Industry Tailwinds
Growing digital insurance adoption in India, with online insurance premium expected to grow significantly through 2027
IRDAI's push for increased insurance penetration and digital distribution
Recent Developments
Comparable Companies
POLICYBZR · ~45000 Cr
GODIGIT · ~25000 Cr
Frequently Asked Questions
About Turanth Suraksha Insurance Web Aggregator
Turanth Suraksha Insurance Web Aggregator Private Limited is an insurance web aggregator operating in India. Insurance web aggregators are regulated entities under IRDAI (Insurance Regulatory and Development Authority of India) that provide an online platform for comparing and purchasing insurance products from multiple insurers. IRDAI's Insurance Web Aggregator Regulations govern such entities, requiring them to maintain neutrality, display comparative information, and ensure fair treatment of customers. Web aggregators earn commission from insurance companies for policies sold through their platforms. The Indian insurtech and insurance distribution sector has seen significant growth with increasing digital adoption, IRDAI's digital push under Bima Sugam, and rising insurance penetration targets. As a web aggregator, Turanth Suraksha participates in the distribution layer of India's growing insurance market.
Key Milestones
21 April 2020 — Incorporated in Mumbai during COVID-19 pandemic; insurance web aggregator under brand Bima Mandi
2020 — Raised seed funding ~$896K from 88 investors at $10.6M valuation
Common questions about unlisted shares
You buy from and sell to the wisefolio desk — shares route through the desk's demat, money-in before shares-out.
You enquire
· Takes 2 minutesTell us the company and quantity you want. Share your demat details so we can settle directly into your account.
We source & quote
· Typically within 1 business dayOur desk sources the shares and comes back with a firm price and an allocation for the quantity available.
You accept the allocation
· Quote valid for 3 daysReview the price, quantity and total. Accept to lock the allocation. The quote is valid for a short window before it needs re-pricing.
You transfer the funds
· Pay within 2 days of acceptingPay by direct bank transfer to the desk's published account — never to a personal account. We confirm receipt and begin the transfer.
Shares reach your demat
· Usually credited within 2–3 business daysOnce payment is verified, the shares are transferred from the desk's demat into yours, and you receive a transfer confirmation.
A principal desk for unlisted & pre-IPO shares — you transact with us, not a stranger.
You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
Usually credited within 2–3 business days
Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Industry Headwinds
Intense competition from established players with significant marketing budgets
Regulatory changes to commission structures under IRDAI guidelines
Very limited publicly available information
Source: Media Reports / Public Records
Small player in a market dominated by Policybazaar and other large aggregators
Source: Media Reports / Public Records
IRDAI periodically revises regulations governing insurance web aggregators, including commission caps and product listing norms, which could affect revenue model viability
Competes against well-funded incumbents like Policybazaar (listed, market cap in thousands of crores) and Coverfox, making customer acquisition costly
2021 — Obtained IRDAI Web Aggregator License (No. IRDAI/INT/WBA/69/2021)
FY2023 — Revenue ₹1.4 Cr; operating in life, health, motor and general insurance comparison
November 2024 — IRDAI license renewal due (outcome not publicly confirmed)

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