Health insurance · Employer benefits in India
Loop Health
A Pune company that sells group health insurance as a licensed broker and employs its own doctors to deliver the everyday care those policies do not cover. It says it now manages healthcare for a million lives. It has also been reported to have applied to become an insurer.
A bypass that was never needed
In 2015 Mayank Kale was an undergraduate at the University of Illinois at Urbana-Champaign when his father had a heart attack in Maharashtra. His father did not smoke, did not drink and exercised. He was opened up for a bypass anyway.
Kale and his co-founder went looking for an explanation. By their account they spoke to more than a hundred doctors and read the medical records, and concluded the operation had not been needed.
“That experience made one thing painfully clear: the problem wasn’t one doctor or one hospital. It was the system,” his co-founder Ryan Singh told Business Today in January 2026. Hospitals earned when patients were sick and earned nothing when they stayed well.
That is the founding story Loop tells, and it should be read as one. What is checkable is what the company built next.
What an Indian health policy does not buy
Indian group health insurance pays for hospital admissions. It does not pay for the consultation that might have prevented one. Loop’s 2020 pitch to Y Combinator put the consequence bluntly: employers buy a benefit most of their staff will never touch in a given year, because nothing short of a hospital bed triggers it.
Loop’s answer was to sell the same hospital cover, from the same licensed insurers, and staple to it a primary care service the employer does not pay extra for. Unlimited phone and video consultations. A named medical advisor per family. Discounted diagnostics. Claims handled by people who have the member’s file open.
The economics only work if the care reduces claims. Loop has always said it does. It has not published evidence, and there is no peer-reviewed literature on the company or the model.
Four founders, one apartment
Kale had been building electronic medical records before Loop, deploying software for community health workers in Gadchiroli in rural Maharashtra and, on university grants, in Sierra Leone and Uzbekistan. Amrit Singh was his classmate. Ryan Singh and Shami Raj completed the founding group, though later company material and investor pages often name only three of the four.
They set up in a small apartment in Pune, went through Y Combinator’s Winter 2020 batch, and raised a seed announced in December 2020 at $2.3 million, led by Sierra Ventures with Y Combinator and Soma Capital. Elevation Capital and General Catalyst co-led a Series A announced at $12 million in September 2021 and a Series B announced at $25 million in April 2022, with Vinod Khosla, Khosla Ventures and Optum Ventures alongside.
By February 2023 Forbes India counted 600 client companies and 450,000 people covered, and noted Loop was “presently piloting physical Loop clinics where employees can pop in for a check-up.” The asset-light clinics promised in the Y Combinator pitch have not since been documented as a working network.
Broker first, insurer maybe
Here the corporate record matters more than the narrative. Loop Health is a brand, not a company. It sits on at least four legal entities: a Delaware parent, Invoq Health, Inc.; the care business, Invoq Healthcare India Private Limited, incorporated in Pune in June 2019; the broking business, Invoq Loop Insurance Brokers Private Limited, incorporated in July 2022; and Loop Health Insurance Limited, a public company incorporated in June 2024 with five lakh rupees of paid-up capital and three members of the Kale family on its board.
That last entity is the tell. In January 2024 the Economic Times reported that Loop Health and the Bengaluru company Onsurity had both applied to IRDAI for licences to underwrite health insurance. Both declined to comment. An Indian health insurer needs a hundred crore of paid-up equity. Loop Health Insurance Limited has five lakh. It is a vehicle waiting on a decision that has not come.
In June 2025 Harpreet Singh Rai, who ran the wearables company Oura from 2018 to 2021, joined as President of Healthcare. In October 2025 Loop launched HealthFlex, which turns an employer’s insurance budget into per-employee wallets. In January 2026 it announced a million lives.
What is proven, and what is still claimed
| Evidence | What the record shows | Source type |
|---|---|---|
| IRDAI broker register | Invoq Loop Insurance Broking Private Limited, Certificate of Registration 876, category Direct Broker (Life & General), Gokhalenagar, Pune 411016, principal officer Bhalchandra Bodas. Valid Feb 10, 2023 to Feb 9, 2026, renewed to Feb 9, 2029. A broker, not a corporate agent and not an insurer. | Public record |
| IRDAI insurer registers | Read Sep 24, 2026: 28 general insurers, 8 standalone health insurers. Neither list contains Loop Health, Loop Health Insurance Limited, Invoq Health or Invoq Loop. Loop underwrites nothing. | Public record |
| Broking entity, MCA | CIN U67200PN2022FTC212936, incorporated Jul 8, 2022, RoC Pune, a subsidiary of a company incorporated outside India. Authorised capital Rs 115.75 crore. FY2025 revenue Rs 30.12 crore, up about 184 percent. Directors Madhav Nivrutti Kale and Ryan P Singh. | Public record |
| Care entity, MCA | Invoq Healthcare India Private Limited, CIN U85100PN2019PTC184954, incorporated Jun 20, 2019, a subsidiary of Invoq Health Inc. Paid-up capital Rs 253.45 crore. FY2024 revenue Rs 8.92 crore. It is the developer of record for the Loop Health app. | Public record |
| Insurer-in-waiting entity | Loop Health Insurance Limited, CIN U65120PN2024FLC231816, incorporated Jun 14, 2024, public company. Authorised Rs 10,00,000, paid-up Rs 5,00,000. Directors Mayank Madhav Kale, Shubhangi Madhav Kale, Madhav Nivrutti Kale. | Public record |
| US securities filings | Four Form D notices from Invoq Health, Inc., Delaware, CIK 0001808311, in 2020, 2021, 2022 and 2026. Total sold: $100,279,812. The largest, $58,811,822 sold of $71,374,980 offered with a first sale on Jul 21, 2026, has not been announced anywhere found. | Public record |
| Broker claim versus licence date | The April 2022 Series B release called Loop “the only insurance broker in the country with an in-house medical team.” The broking company was incorporated three months later and IRDAI granted CoR 876 on Feb 10, 2023. | Claim predates the licence |
| Insurance licence application | Economic Times, Jan 22, 2024, citing three people in the know: Loop Health and Onsurity have applied to IRDAI for health insurance licences. Both declined to comment. No grant has appeared since. | Independent |
| Scale and care volumes | 1 million lives at 1,250+ companies, January 2026, against 850,000 in June 2025, 450,000 in February 2023 and 50,000 in September 2021. Cumulative 390,000 health queries, 209,000+ consultations, 40,000+ diagnostic tests. Clients named include Nasdaq, Lodha, Zepto, Ola and SKF. No independent audit found. | Company-stated |
| Physical clinics | Promised as asset-light clinics in 2020, called a pilot by Forbes India in February 2023. No later count, location list or independent report of an operating clinic found. | Not found |
| Outcome evidence | No peer-reviewed publication, registered trial or third-party study of the claim that Loop’s care reduces claims or premiums. | Not found |
Read plainly: the licence is real and current, the corporate structure is what a foreign-funded Indian insurance distributor looks like, and the money is far larger than the announcements suggest. What is missing is the number the whole thesis rests on. Loop sells prevention to finance directors on the promise that fewer people will be admitted to hospital. Nobody outside the company has measured whether that happens.
What to watch
- Whether IRDAI grants Loop Health Insurance Limited a licence, and whether its paid-up capital moves from five lakh toward the hundred crore an insurer needs.
- An announcement for the offering filed on July 30, 2026. Nearly $59 million was sold to 15 investors with no press release found.
- FY2026 accounts for the broking entity. FY2025 revenue was Rs 30.12 crore against more than $100 million of capital raised.
- Any published claims-ratio or utilisation data that tests the prevention argument.
- Whether clinics reappear, or the model stays virtual and partner-based through Cult.fit, Clove Dental, Orange Health, Redcliffe Labs and Lenskart.
In their words
“We are a health insurance broker that also provides primary care to all our customers.”
Mayank Kale, co-founder and CEO, Economic Times interview, October 2021 · Interview
“We’re trying to build a value-based care system. The goal is to show that we can keep people healthy, prevent claims, and then become an insurance company in the long run.”
Amrit Singh, co-founder, Economic Times, December 2020 · Independent
“When we started Loop, it was to change how the healthcare system worked. We wanted it to be more preventive than reactive and bring insurers and doctors on the same side for once, so that we create a health assurance model that is incentivized to keep people healthy.”
Mayank Kale, Series B release, April 2022 · Company release
“Care delivery in India has many pain points with conflicting incentives. Loop is changing the cost equation by allowing payers and providers to work together.”
Vinod Khosla, Khosla Ventures, Series B release, April 2022 · Investor, company release
“Loop’s healthcare-first mission aligns deeply with our thesis that an outcome-focused solution is needed to crack an age-old market that sells insurance as a commodity.”
Mayank Khanduja, Elevation Capital, Series B release, April 2022 · Investor, company release
“That meant hiring our own in-house medical team, doctors employed and trained by Loop Health, not outsourced teleconsultants.”
Ryan Singh, co-founder and COO, Business Today, January 2026 · Sponsored interview
“Crossing 1 million lives is a validation of a fundamentally different way of thinking about healthcare,”
Ryan Singh, January 2026 milestone release · Company release
“I see India going through its UPI moment in healthcare.”
Harpreet Singh Rai, President of Healthcare, to Moneycontrol, June 2025 · Interview
Related companies
Sources
- Public recordList of Brokers, entry 876, Invoq Loop Insurance Broking Private Limited
- Public recordList of Brokers, archived snapshot showing CoR 876 from Feb 10, 2023
- Public recordList of General Insurers and List of Health Insurers
- Public recordInvoq Loop Insurance Brokers Private Limited, CIN U67200PN2022FTC212936
- Public recordInvoq Healthcare India Private Limited, CIN U85100PN2019PTC184954
- Public recordLoop Health Insurance Limited, CIN U65120PN2024FLC231816
- Public recordForm D filings, Invoq Health, Inc., CIK 0001808311
- IndependentWith Irdai opening doors, insurtech firms look to transform into general insurers
- IndependentElevation Capital, General Catalyst lead $12M round into Loop Health
- IndependentLoop Health secures $2.3 million from Sierra Ventures, Y Combinator, others
- IndependentElevation Capital-backed insurtech platform Loop Health raises $25 mn
- IndependentLoop Health Secures $25 Mn Series B
- IndependentLoop is filling the gaps in health insurance, 30 Under 30
- InterviewFormer Oura CEO Harpreet Singh Rai joins Loop Health
- InterviewAdding a layer of preventive care, Mayank Kale interview
- Company releaseLoop Raises a $25M Series B
- Company releaseLoop Health Hits 1 Million Lives
- Company releaseLoop launches HealthFlex, naming its direct broker status and care partners
- SponsoredRyan Singh on crossing 1 million lives
- CompanyLoop Health company page and founder profile
- CompanyLoop Health app, developer Invoq Healthcare India Private Limited
- CompanyBest Group Health Insurance Brokers in India, company blog
Profile researched and written by Healthcare Discovery. Last updated September 29, 2026.
