Riskcovry, a Mumbai-based insurtech startup that provides a technology platform for the distribution of insurance products, has now secured $5 million in a Series A funding round backed by the Omidyar Network India.
Riskcovry is founded by Suvendu Prusty, Sorabh Bhandari, Vidya Sridharan, and Chiranth Patil in the year 2018. It enables companies from any industry to offer digital insurance products and services to their end customers.
With its insurance in a box value proposition, the startup claims that it offers all the necessary building blocks for its partners to offer insurance to their customers – products underwritten by the prominent insurers, technology to manage customer touchpoints and digital processes for the policy issuance, claims, and management all in one under roof.
“The pandemic was an inflection point for us, with the insurance industry witnessing accelerated digital adoption, similar to the tailwinds that digital payments witnessed post demonetization,” founders Patil, Suvendu Prusty, Sorabh Bhandari and Vidya Sridharan, said in a joint statement. “Our goal is to make insurance as ubiquitous as digital payments by powering digitization across the insurance value chain in India.”
All the existing investors, which include the Better Capital, Varanium Capital, Bharat Inclusion Seed Fund, also participated in the funding round.
Some other new participating investors in the round include the Pune-based emerging technology-focused VC Fund Pentathlon Ventures and Delhi-based DMI Sparkle Fund, which invests in the fintech ventures.
This new latest funding round comes close on the heels of the pre-series A that was secured in the month of May 2020, backed by the Bharat Inclusion Seed Fund, an early-stage seed fund.
The funds secured will going to help the company invest across all the major functions – product, tech, data sciences, partnerships, and growth.