Built so outside capital was never required.
Ethika started in Hyderabad in 2015 and has grown on its own revenue ever since. No insurer owns any part of us, so when a claim is cut, the only side we’re on is the client’s.
The short version
| Founded | 2015, Hyderabad, by Susheel Agarwal, Sarath Reddy and Sandeep Mukka |
|---|---|
| Licence | IRDAI-licensed Direct Insurance Broker (Life & General), Certificate No. 574, licence dated 8 August 2016, valid till 7 August 2028 |
| Funding | Bootstrapped and profitable from day one |
| Outside investors | None to date |
| Insurer ownership | None |
| Group companies | Ethika Insurance Broking Pvt Ltd · Ethika Worklife Private Limited |
| Industry body | Member, Insurance Brokers Association of India (IBAI) |
Why it’s built this way
- No insurer owns us. A broker’s duty, in law, is to the client. When a claim is cut, we argue it with whichever insurer is involved, with no parent company on the other side of the table.
- Profit pays for the work clients don’t see. Our claims team, our platform and the people behind them are paid for by the business itself.
- Growth at the pace service allows. We take on what we can look after properly.
When a claim is cut, the only side we’re on is the client’s.
What’s hard to copy
A claims team that works for the client.
Every claim comes to our in-house claims team, Red Carpet, before the insurer sees it. 50,000+ claims settled since inception, 15,000+ last year.
A platform we built ourselves.
Ethika Hub, one app for employees and one dashboard for HR, was built by our own technology team. It holds employee health data under SOC 2 and ISO 27001 controls and India’s DPDP Act.
Clients who stay.
90% client retention. ★ 4.9 across 3,900+ Google reviews, many naming the person who handled the claim.
Two businesses under one roof.
Insurance through Ethika Insurance Broking, and everyday employee benefits through Ethika Worklife. Both are bootstrapped.
A decade, briefly
- 2015Ethika founded in Hyderabad
- 2016IRDAI broking licence (Certificate No. 574)
- 2017Red Carpet, our in-house claims team
- 2021First version of Ethika Hub, built in-house
- 2022Ethika Worklife incorporated
- 2026Ten years licensed · Great Place to Work Certified
The founders
Three colleagues left a broking firm together in 2015 to build the broker they wished they’d worked for. All three still run it.
Susheel Agarwal
Founder & CEO
Leads the company and its people. Author of two books on employee benefits, and leads From HR to CEO, a workshop for HR leaders.
LinkedIn ↗
Sarath Reddy
Co-founder & Chief Business Officer
Leads client relationships across the 750+ companies we serve, and the 90% retention that comes with them.
LinkedIn ↗
Sandeep Mukka
Co-founder & COO, Principal Officer
Runs operations and compliance, and built the claims operation behind 50,000+ claims settled since inception. The Principal Officer named on our IRDAI licence.
LinkedIn ↗For our clients and our people
How we service your account and how we fight your claims don’t change. That’s the standard this company is built on, and it’s the first thing we’d ask of anyone we ever work with.
How we think about partners
Because Ethika never needed outside capital, we’re free to choose who we work with.
We value long-term conversations with founders, operators and the people who back them, who understand what a claims-first broker is: one where the claim is the product, not an afterthought. If that’s you, our founders would be glad to hear from you.
Questions people ask
Who owns Ethika?
Ethika is led by its three founders and has been bootstrapped since 2015. No insurer and no outside investor holds a stake.
Is Ethika venture-funded?
No. Ethika has grown on its own revenue since day one.
Is Ethika owned by an insurance company?
No. That’s why we can argue any claim with any insurer.
Is Ethika profitable?
Yes, profitable from day one.
Is Ethika open to partnerships?
We’re always open to long-term conversations with people who share how we work. Reach us through Talk to us.
Is Ethika Worklife funded separately?
No. It’s part of the Ethika group and is bootstrapped the same way.
I’m a journalist. Who do I contact?
Reach us through Talk to us and mention it’s a media enquiry.
Write to our founders
For a long-term partnership, a strategic conversation or a media enquiry, get in touch and tell us what it’s about.