Jupiter Money, the Bengaluru-based fintech platform, has secured a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI), marking its formal entry into the insurance distribution space.
With this licence, Jupiter can now directly offer life and general insurance policies via its app. Initially, the company plans to roll out curated products such as term life and health insurance through partnerships with top insurance providers. Over time, it aims to expand into embedded insurance offerings that are dynamically tied to user activity—such as travel insurance linked to card spends, cyber fraud protection, and device coverage based on e-commerce transactions.
This move is part of Jupiter’s roadmap to evolve into a full-stack financial services provider. The company had previously obtained an NBFC licence in 2023 and a Prepaid Payment Instrument (PPI) licence in 2024, reinforcing its intent to build an integrated ecosystem spanning banking, lending, payments, and now insurance.
Founded by Jitendra Gupta, Jupiter was last valued at $710 million following its $86 million Series C round in December 2021. The startup has raised over $160 million to date from marquee investors such as QED Investors, Peak XV, and Matrix Partners.
In a similar move, fintech player Freo also received its corporate agency licence from IRDAI in October 2024, underscoring a growing trend among digital finance platforms to embed insurance offerings within their core user journeys.
