Riskcovry, a Mumbai-based insurtech startup that offers a technology platform for the distribution of insurance products, has announced raising $5 million in Series A funding led by Omidyar Network India (ONI).
All existing investors – Bharat Inclusion Seed Fund, Varanium Capital, and Better Capital also participated in the round. Other new participating investors in the round included the Pune-based emerging technology-focused VC fund Pentathlon Ventures and Delhi-based DMI Sparkle Fund, which invests in fintech ventures.
This latest funding round comes close on the heels of the pre-Series A raise that closed in May 2020, led by Bharat Inclusion Seed Fund, an early-stage seed fund.
“In the last fiscal alone we have enabled partners from 10+ industries to distribute insurance digitally – from traditional financial services to new age digital businesses and startups, from traditional retail products to innovative group solutions, from assisted mode via sales-channel automation to completely invisible or bundled-insurance mode. We will close the current fiscal with more than 200k policies sold by our 50+ enterprise customers powered by our technology,” said the founders in a joint statement.
“Our goal is to make insurance as ubiquitous as digital payments by powering digitisation across the insurance value chain in India,” the founders added.
Founded in 2018 by Suvendu Prusty, Sorabh Bhandari, Vidya Sridharan, and Chiranth Patil, Riskcovry enables companies from any industry to offer digital insurance products and services to their end-customers. Through its “insurance in a box” value proposition, the startup claims that it provides all necessary building blocks for its partners to offer insurance to their customers – products underwritten by prominent insurers, technology to manage customer touchpoints, and digital processes for policy issuance, management, and claims — all under one roof.
The funds raised will help the company invest across all major functions – tech, product, partnerships, data sciences, and growth.
“The vast majority of the next half billion (NHB) consumers and MSMEs still lack access to basic insurance coverages. Hence, they are forced to rely on borrowings to tide over health emergencies, accidents, and property damage, which could be addressed through insurance. We believe that ‘embedded insurance’ could play a powerful role in creating new channels for insurance access, which will help improve the financial health of the NHB consumers and MSMEs,” said Treasa Mathew, Director, ONI.
Today, Riskcovry offers product diversity, innovation, and flexibility with 15+ off-the-shelf insurance products across Life, General, and Health segments, and claims to have insured more than two lakh lives in the last one year.