Insurance technology startup Riskcovry will use the funds to invest in its data science team and products, build new insurance products and quadruple its partner network in the next 18 months
Insurance technology startup Riskcovry has raised $ 5 million in a Series A funding round led by Omidyar Network India. The same included DMI Sparkle Fund and Pentathlon Ventures.
This comes after it raised $ 1.25 million in a pre-Series A round in May 2020 led by Better Capital, Bharat Inclusion Seed Fund and Varanium Capital – all of whom also participated this time, The Economic Times reported.
The firm will use the funds to invest in its data science team and products, build new insurance products and quadruple its partner network in the next 18 months, it added.
According to Co-Founder Chiranth Patil said, “Riskcovry wants to enable businesses whose core business is not selling insurance and “save them time and effort by providing technology, teams and processes.”
The COVID-19 pandemic has accelerated the digitisation of the insurance value chain, he added.
Founders Sorabh Bhandari, Patil, Suvendu Prusty and Vidya Sridharan in a joint statement called the pandemic an “inflection point” which had accelerated digital adoption.
“Our goal is to make insurance as ubiquitous as digital payments by powering digitisation across the insurance value chain in India,” they added.
A business-to-business-to-customer (B2B2C) insurtech startup, Riskcovry was founded in 2018 and is based in Mumbai. It offers plug-and-play insurance infrastructure and technology to 50 partner companies to distribute insurance products and services to their end customers.
It is on track to sell 200,000 insurance policies in FY22, the report said.
