Riskcovry is a Bengaluru-based insurance technology platform which defines itself as an ‘Insurance in a box’ model that offers a one-stop platform to any business for their digital insurance need. Recently, the start-up has announced to have raised USD 5 million in its latest Series A financing round led by Mumbai-based ONI or Omidyar Network India.
According to multiple reports, existing investors including US-based Micro Venture firm- Better Capital, Gujarat-based Bharat Inclusion Seed Fund, Pune-based Pentathlon Ventures, Mumbai-based portfolio management company- Varanium Capital Advisors and The Sparkle Fund also participated in the company’s latest funding round.
Riskcovry being an insurance technology start-up enables companies and businesses from any XYZ industry to offer digital insurance-based products and other financial technology services to their end customers. This serves as the USP of the start-up because it saves a significant amount of precious time from the companies who would have to make major efforts to build a team, technology and multiple processes involved with insurance-based financial technology products. This arrangement ultimately provides a seamless experience to the end customers and provides an effortless experience to the companies that have wished to add insurance-based products on their platform completely hassle-free.
When asked about the latest funding, the company mentions utilising these freshly infused funds to invest in major markets of 2021 that include technology, partnerships, data sciences, product and growth, according to a report by BW Disrupt.
Furthermore, the company mentions that the COVID-19 pandemic was an inflexion point for the start-up as insurance technology’s digital adoption accelerated very quickly. The company says that they have partnered with more than 10 industries to distribute insurance products digitally from the traditional well-trusted models to the new-age digital businesses. In addition to this, Riskcovry claims to close this current fiscal year with over 200k policies which will be sold by the company’s more than 50 enterprise customers that are powered by the start-up’s technology.
Saras Agarwal, Principal at Bharat Fund says that Riskcovry’s API-based approach will allow their partners to embed their insurance functionality into their operations in order to offer personalised and most importantly, affordable insurance to their end consumer base. He further added that the team is extremely impressed with the insurance company’s growth in such a small span of time
Riskcovry was founded back in 2018 by Sorabh Bhandari, Suvendu Prusty, Vidya Sridharan and Chiranth Patil.