Insurtech startup Riskcovry gets $5 million in Series A funding

Mumbai: Insurtech startup Riskcovry has received $5 million in Series A funding, led by Omidyar Network India. Pune-based venture capital fund Pentathlon Ventures and Delhi-based DMI Sparkle Fund were also among the new investors.

Founded in 2018, the Mumbai-based startup, which offers insurance infrastructure to platforms to distribute insurance products, closed a $1.25 million pre-Series A round in May 2020, led by Bharat Inclusion Seed Fund, Varanium Capital and Better Capital, which have also participated in the current round.

The business-to-business-to-customer (B2B2C) startup enables companies from any industry to offer digital insurance products and services to their end-customers.

Riskcovry is insurance-agnostic and provides plug-and-play technology to its 50 partners across sectors and industries. InMobi’s Glance, EMI financing platform ZestMoney, and Future Group’s digital wallet FuturePay are among its enterprise clients.

The startup is on track to sell 200,000 insurance policies in the current financial year.

The pandemic accelerated the digitisation of the insurance value chain, and Riskcovry wants to enable businesses whose core business is not selling insurance. It wants to save them time and effort by providing technology, teams, and processes, according to co-founder Chiranth Patil.

The startup will utilise the funds to build new insurance products, invest in its data science team and products, and quadruple its partner network in the next 18 months.

Some products of insurtech startup Turtlemint, which recently closed its Series D fundraise, directly compete with those of Riskcovry’s. Singapore-headquartered Symbo Platform Holdings which raised $9.4 million last week is also amping up its presence in India.

“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 demonetisation,” 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 digitisation across the insurance value chain in India.”