Insurance technology · Health insurance distribution
IMT Care
A white label technology platform built for India's insurance agents, brokers, banks and insurers, aimed at the agent channel that still collects most of the country's premium by hand. Backed by Y Combinator, still privately held, with no funding round on the public record as of September 2026.
A market built on agents
India's health insurance is still sold mostly by people, not apps. On its Y Combinator profile, IMT Care puts a number on that: “Agents collect 20B premium every year. With a 5% take rate, it's a 1B dollar market opportunity growing at 22% CAGR.” Agents, the company says, are the largest insurance distribution channel in the country and cover 85% of premium collection.
IMT Care does not sell insurance itself. It sells software to the people who do, positioning its platform as the operating layer sitting under agents, brokers, banks and insurers rather than a policy seller competing with them.
The gap it targets
The company's pitch is that most Indian insurance products are generic. “India's insurance market is filled with bygone products, which do not cater to 95% of the market's demand for specific products such as illness-specific insurance, primary care with insurance, and surgical insurance to name a few,” the company states on its Y Combinator profile. Its response has not been to underwrite new products itself but to give the agents, brokers and banks who already reach customers better tools: an employee benefits platform for corporate clients and a branded customer app for managing policies, claims, endorsements and renewals.
The current site describes the offering as a “white label platform for insurers, insurance brokers, banks and agents to enhance customer experience, boost growth and automate operations,” built around two products, an Employee Benefits Platform and a Customer Connect App.
Two founders, one brand change
Kunal Popat and Rachit Puri founded the company in 2021. Per the company's own founder statement on Y Combinator, one of the co-founders spent more than five years as CEO of an insurance broking company before starting the venture: “I have worked as CEO of a successful insurance broking company for more than 5 years in my previous assignment . I loved the role but was excited about innovating through technology and spread health care and insurance deeply within the country . This motivated us to start www.insuremyteam.com along with my cofounder ,Rachit Puri.”
The company's own description credits Kunal with 15-plus years in insurance and agent networks, including scaling a brokerage business to 3 million dollars in revenue, and credits Rachit with 12-plus years building tech products, including a stint as a founding engineer at Payu, a large Indian payments company.
The business began as InsureMyTeam, a Mumbai startup that YourStory in 2022 described simply: “InsureMyTeam provides employee health insurance and primary care for companies in India.” The legal entity behind both brands is Coverme Technology Private Limited, incorporated on June 2, 2021 and registered with the Registrar of Companies, Mumbai, under CIN U72900MH2021PTC361459. The company later rebranded its public facing product as IMT Care, widening its pitch from an employee benefits app to a broader white label platform for insurance intermediaries generally.
From one entity to two
Corporate filings show a second, newer legal entity tied to the same founders. Imtcare Assurance Private Limited was incorporated on July 25, 2025, also in Mumbai, under CIN U47912MH2025PTC452993, with Rachit Puri and Kunal Popat again listed as directors. What that entity does has not been stated publicly. In parallel, the company's own website carries a plain disclaimer: “IMT Care Is Not A Registered Member With IRDAI. Insurance Solutions Are Provided By Registered Agents and Brokers Only.” Read together, the filings and the disclaimer suggest a company that has kept its technology arm separate from any insurance distribution licence, though no IRDAI licence tied to either entity was found in this research.
What is proven, and what is still claimed
| Evidence | What the record shows | Source type |
|---|---|---|
| Core legal entity | Coverme Technology Private Limited, CIN U72900MH2021PTC361459, incorporated Jun 2, 2021, registered office in Chembur, Mumbai. Directors on file: Rachit Puri and Kunal Popat. Authorised capital reported as Rs 7.5 lakh, paid up capital Rs 5 lakh. | Public record |
| Second entity | Imtcare Assurance Private Limited, CIN U47912MH2025PTC452993, incorporated Jul 25, 2025, same two directors. Authorised and paid up capital Rs 1 lakh. No stated purpose found beyond the MCA filing. | Public record |
| IRDAI registration | The company's own website states IMT Care is not a registered member with IRDAI and that insurance solutions are provided by registered agents and brokers only. No IRDAI corporate agent, broker or web aggregator licence tied to IMT Care, Coverme Technology or Imtcare Assurance was found in this research. | Company-stated |
| Y Combinator | Listed on Y Combinator's own company directory and on Work at a Startup, batch W22, Winter 2022. | YC data |
| Funding | Tracxn's company page describes IMT Care as unfunded and states it “has not raised any funding rounds yet,” while a separate line on the same page also says it has “1 institutional investor,” an inconsistency the page does not resolve. GetLatka likewise reports no funding data. No SEC Form D was found under Coverme Technologies Inc, the US entity name Tracxn lists alongside the Indian company. | Differs within the record |
| Revenue | GetLatka, a third party SaaS database, estimates $3.5 million in annual revenue as of June 2024, labeled as an estimate rather than a filed or audited figure. Tracxn separately places filed Indian revenue for Coverme Technology Private Limited under Rs 10 crore for the year ending Mar 31, 2025. | Third party estimate |
| Headcount | Tracxn reports 23 employees as of January 2025. LinkedIn lists the company in the 11 to 50 employee band as of September 2026. | Third party data |
| Award claim | The company's About page states IMT Care won “Insurtech Partner of the Year” at the India Insurance Summit and Awards 2023. No independent list of that year's winners was found to confirm it. | Company-stated |
Read plainly: the corporate structure is real and on the public record, two Mumbai entities with the same two directors, one dating to the company's 2021 founding and one added in mid-2025. What is not on the public record is any IRDAI licence, any funding round, or any independently confirmed award or customer count. Revenue and headcount both rest on third party estimates rather than filed or audited numbers.
What to watch
- Whether IMT Care, Coverme Technology or Imtcare Assurance ever files for or discloses an IRDAI licence as a corporate agent, broker or web aggregator.
- A funding announcement or SEC Form D tied to Coverme Technologies Inc, the US entity name that appears in third party data without further detail.
- Independent, on the record confirmation of the 2023 Insurtech Partner of the Year claim.
- Audited or filed revenue and customer figures beyond the current third party estimates.
In their words
“Agents collect 20B premium every year. With a 5% take rate, it's a 1B dollar market opportunity growing at 22% CAGR.”
IMT Care, Y Combinator company profile · Company-stated
“India's insurance market is filled with bygone products, which do not cater to 95% of the market's demand for specific products such as illness-specific insurance, primary care with insurance, and surgical insurance to name a few.”
IMT Care, Y Combinator company profile · Company-stated
“I have worked as CEO of a successful insurance broking company for more than 5 years in my previous assignment . I loved the role but was excited about innovating through technology and spread health care and insurance deeply within the country . This motivated us to start www.insuremyteam.com along with my cofounder ,Rachit Puri.”
IMT Care co-founder, Y Combinator company profile · Company-stated
“InsureMyTeam provides employee health insurance and primary care for companies in India.”
YourStory company profile, 2022 · Independent
“White label platform for insurers, insurance brokers, banks and agents to enhance customer experience, boost growth and automate operations.”
IMT Care homepage · Company-stated
“IMT Care Is Not A Registered Member With IRDAI. Insurance Solutions Are Provided By Registered Agents and Brokers Only.”
IMT Care homepage, disclaimer · Company-stated
“IMT Care empowers insurance partners (insurers, agents, brokers, banks) by providing them with an integrated white label platform that manages insurance, healthcare and wellness experience, catering to the evolving market.”
IMT Care company page · LinkedIn · Company-stated
Related companies
Sources
- Public recordLegal entity profile, Coverme Technology Private Limited, CIN U72900MH2021PTC361459
- Public recordLegal entity profile, Imtcare Assurance Private Limited, CIN U47912MH2025PTC452993
- YC dataIMT Care company profile
- YC dataJobs at IMT Care, W22
- Company profileIMT Care 2026 company profile, team, competitors and financials
- Third party estimateIMT Care revenue 2024
- IndependentInsureMyTeam company profile
- Company profileInsureMyTeam company profile
- CompanyIMT Care homepage
- CompanyAbout page
- CompanyIMT Care company page
Profile researched and written by Healthcare Discovery. Last updated September 29, 2026.
