Igloo CEO eyes global M&A: ‘We have an appetite to grow more’

Raunak Mehta, co-founder and CEO of Igloo, has many reasons to be optimistic about hitting EBITDA breakeven by year-end.

The Singapore-based insurtech firm’s revenue rose 46% in 2025, driven mainly by its expanding embedded insurance business that grew 80% year on year. Net losses, meanwhile, narrowed by 60%.

Digital collage by Ulla, photo courtesy of Igloo

“This year, on the net income side of things, we should be able to deliver a similar kind of improvement compared to last year,” Mehta, a former executive at Zalora and Flipkart, tells Tech in Asia.

“In 2025, our partnerships business, or the embedded business, was almost 85% of our revenue,” he adds. “This year, it will climb up slightly more.”

Formerly known as Axinan, Igloo works with major insurers like Allianz and MSIG to distribute insurance policies to customers by embedding them on platforms like Shopee, GCash, and Dana. Igloo earns a fee from each policy purchased.

While that remains the company’s bread and butter, a small but fast-growing part of its business is licensing software to banks and financial institutions that want to offer insurance products via digital channels. Igloo also distributes products via agencies and brokerages.

Mehta declined to share which banks the company is working with, but he says they come from Malaysia, Thailand, Indonesia, and Taiwan.

Over the last 12 to 18 months, Mehta says he’s seen more banks and financial institutions explore new revenue lines like selling insurance products. This has driven uptake for Igloo’s software and embedded insurance solutions.

The company is now facilitating over 100 million policies a month across its distribution channels, up from an average of 80 million last year.

The standout market

Indonesia, where Igloo counts Bukalapak, BliBli, and Telkomsel as partners, was a “standout” for the firm in 2025, according to Mehta. The country remains the company’s largest market by revenue.

In June, Igloo launched a conversational “salesbot” in Indonesia that allows consumers to discover, compare, get recommendations, and purchase travel insurance policies.

Since the salesbot’s launch, the number of people who have purchased a policy in less than a minute has tripled from under 10% to 30%, the CEO shares.

There were also higher volumes of insurance policies processed in markets like Malaysia and the Philippines as new distribution partners signed on with Igloo. The company sold more products through its existing channels as well.

Keeping costs low

Diversifying and going global