InsurTech Platform Riskcovry Raises $5 Million in Series A Funding Led By Omidyar Network India
InsurTech Platform Riskcovry Raises $5 Million in Series A Funding Led By Omidyar Network India
InsurTechstartupRiskcovry has raised $5 million in series A financing round 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. The funds raised will help Riskovery invest across all major functions - tech, product, partnerships, data sciences and growth.
Founded in 2018 by SuvenduPrusty, Sorabh Bhandari, VidyaSridharan and ChiranthPatil, Riskovery is a one-stop technology platform for distribution of insurance products. The platform enables companies from any industry to offer digital insurance products and services to their end-customers saving them time and effort.
In a joint statement the founders said, “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 demonetization.”
The statement further added, “We will close the current fiscal with more than 200k policies sold by our 50+ enterprise customers powered by our technology. Our goal is to make insurance as ubiquitous as digital payments by powering digitisation across the insurance value chain in India. We believe we can help serve a severely underpenetrated market like India and we’re very excited to partner with Omidyar Network India and all other investors in helping build a more inclusive insurance ecosystem in India.”
Commenting on the investment, Treasa Mathew, Director, ONI said, "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. We are delighted to partner Riskcovry in building the digital rails that will make embedded insurance a reality in India"
Saras Agarwal, Principal, Bharat Fund, said, “Riskcovry’s API-led approach allows their partners to embed insurance functionality to their process flow and offer relevant, affordable and personalized insurance to their customer base, quickly, and at scale. We have been super impressed with the progress Riskcovry has demonstrated within a short span of time and are thrilled to be joined by global investors such as ONI and Pentathlon to take this journey forward”.
InsurTechstartupRiskcovry has raised $5 million in series A financing round 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. The funds raised will help Riskovery invest across all major functions - tech, product, partnerships, data sciences and growth.
Founded in 2018 by SuvenduPrusty, Sorabh Bhandari, VidyaSridharan and ChiranthPatil, Riskovery is a one-stop technology platform for distribution of insurance products. The platform enables companies from any industry to offer digital insurance products and services to their end-customers saving them time and effort.
In a joint statement the founders said, “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 demonetization.”
The statement further added, “We will close the current fiscal with more than 200k policies sold by our 50+ enterprise customers powered by our technology. Our goal is to make insurance as ubiquitous as digital payments by powering digitisation across the insurance value chain in India. We believe we can help serve a severely underpenetrated market like India and we’re very excited to partner with Omidyar Network India and all other investors in helping build a more inclusive insurance ecosystem in India.”
Commenting on the investment, Treasa Mathew, Director, ONI said, "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. We are delighted to partner Riskcovry in building the digital rails that will make embedded insurance a reality in India"
Saras Agarwal, Principal, Bharat Fund, said, “Riskcovry’s API-led approach allows their partners to embed insurance functionality to their process flow and offer relevant, affordable and personalized insurance to their customer base, quickly, and at scale. We have been super impressed with the progress Riskcovry has demonstrated within a short span of time and are thrilled to be joined by global investors such as ONI and Pentathlon to take this journey forward”.
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