[Funding alert] Insurtech startup Riskcovry raises pre-Series A round led by Bharat Inclusion Seed Fund
Mumbai-based Insurtech startup, Riskcovry, on Thursday announced that it has raised an undisclosed amount in its pre-Series A round from Bharat Inclusion Seed Fund, Varanium Capital, and Better Capital.
Saras Agarwal, Principal at Bharat Inclusion Seed Fund, said,
“Riskcovry brings a fresh approach to digital distribution for the insurance market. Their API-first approach helps enterprise customers get access to highly relevant insurance products through a completely digital process of underwriting, policy issuance, claim settlement, and compliance.”
Riskcovry considers itself as a neo-insurer providing "insurance-in-a-box" solution, allowing any business with a large captive user base to enable distribution of insurance to their users in an end-to-end fashion. The company has taken the payment gateway (PG) approach of enabling insurance as a financial services layer to any business.
Riskcovry enables the distribution of multiple insurance products across life, non-life, and health with plug-and-play infra to support any distribution use-case.
The startup was founded in 2018 by Suvendu Prusty, Sorabh Bhandari, and Chiranth Patil.
The founders, in a joint statement, said,
“This round will help us scale on our product-market fit, and serve more enterprise customers across segments that enable both mainstream and alternative insurance distribution. We look forward to building out our technology, product, data sciences, sales, and growth teams.”
Suvendu and Sorabh are ex-insurance industry execs who built the distribution books of two insurers, whereas Chiranth is a two-time founder who comes from a fintech and strategy background. Vidya Sridharan is the CTO and brings in deep technology experience.
Riskcovry falls into the “financial infrastructure” bucket, where fintech startups enable the ‘rails’ or ‘pipes’ that connect various payers within the industry’s value chain via APIs (Application Programming Interfaces) in order to interact with each other.
Some recent deals in the "Financial Infrastructure" space include payments and cards infra provider M2P, which raised Series A funding of $4.5 million, led by BeeNext and fintech infra company Setu secured Series A round of $15 million led by LightSpeed with co-investment from Bharat Inclusion Seed Fund among others.