Insurance tech startup Riskcovry raises US$ 5M in Series A

India-based Riskcovry, an insurance tech startup with an “Insurance-in-a-box” model that offers a one-stop-shop platform to cater to business’s digital insurance needs, raised US$ 5M in Series A round on 9 March 2021.

Investors: The funding round was led by Omidyar Network India, with participation from Pune-based venture capital fund Pentathlon Ventures and Delhi-based DMI Sparkle Fund. 

Purpose of Funding: Riskcovry will utilize the funds to build new insurance products. It is also planning to invest in its data science team and products, and quadruple its partner network in the next 18 months. The startup expects to sell 2 lakh insurance products in 2021. 

About Riskcovry

Founded in 2018 by Suvendu Prusty, Sorabh Bhandari, Chiranth Patil and Vidya Sridharan, Riskcovry offers an “insurance-in-a-box” model, enabling an insurance infrastructure for platforms or vendors looking to sell insurance products. Riskcovry is a business-to-business-to-customer (B2B2C) startup. It helps companies from any industry to provide digital insurance products and services to their end-customers. 

The Riskcovry platform caters to mainstream distributors like banks, NBFCs and brokers and also to alternative players who are new in the insurance distribution like retail, fintech, tech startups, payment networks, digital, telecom etc. In India, Riskcovry faces competition from Turtlemint, which recently raised US$ 30 M in a Series D funding round and Symbo Platform Holdings, which raised US$ 9.4 M.

Some of its achievements are – selected amongst 18 startups in India to pitch for “FinTech of the Year” at IFTA 2019 in Mumbai, received Top 21-Insurtech Awards based on the unique value proposition, product-Market fit and scalability plan and Runners-up at UK India FutureTech Summit Hackathon 2018 at New Delhi. Some of its clients include InMobi’s Glance, EMI financing platform ZestMoney and Future Group’s digital wallet FuturePay.

The insurance sector in India still has a long way to go. According to the Indian government’s Economic Survey 2020-21, the insurance penetration in India is just 3.76% of the GDP which is “extremely low” as compared to China, Malaysia or Thailand. This year, after the FDI limit in Indian insurance companies was raised to 74% from 49%, the industry became optimistic about more investments in the Indian insurance space.

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.

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