Insurtech Startup Riskcovry Bags $4.5M in Funding from Morphosis VC

Mumbai-based insurtech startup Riskcovry secures $4.5M in a bridge funding round led by Dubai-based Morphosis Venture Capital. The funding aligns with predictions of a 2024 tech startup funding boom. Read the article for all the details.

Swati Dayal
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In the rapidly evolving realm of insurance technology, India has emerged as a dynamic hub for insurtech innovation, boasting the second-largest insurtech market in the Asia-Pacific region. As digital channels gain prominence and consumer demands for greater convenience and accessibility rise, insurtech startups are stepping up to revolutionize the way insurance is purchased, managed, and experienced.

Funding Boom Predictions for Tech Startups In 2024 Comes True

A recent report forecasting improved funding for tech startups in 2024 appears to be coming true, as Mumbai-based Insurtech startup Riskcovry successfully raised approximately USD 4.5 million (INR 37.3 Cr) in a bridge funding round. This funding marks a crucial step for the company in achieving specific financial goals and navigating towards sustained profitability.

Who Leads The Bridge Funding Round?

The bridge funding round was spearheaded by Dubai-based business-to-business (B2B) fund Morphosis Venture Capital, with participation from IIFL. This injection of capital is expected to propel Riskcovry towards profitability and pave the way for its Series B funding round. The company has set ambitious goals, aiming to close the current financial year with an impressive revenue of Rs 30 crore, reflecting a five-fold increase from the previous year.

What is Riskcovry's Business Model and Growth Metrics?

Riskcovry has demonstrated remarkable growth, processing around Rs 1,500 crore in written premiums in the last calendar year, a substantial leap from the Rs 100 crore processed in the preceding year (2021). The startup has garnered a total funding of approximately USD 6.8 million from esteemed investors such as Omidyar Network India, Pentathlon Ventures, Bharat Innovation Fund, and others, according to Tracxn data.

Founded in 2018 by a group of entrepreneurs – Suvendu Prusty, Sorabh Bhandari, Chiranth Patil, and Vidya S. – Riskcovry is at the forefront of insurtech innovation. The startup operates on an 'insurance-in-a-box' model, providing a tech platform to assist businesses in setting up insurance distribution.

Riskcovry's distinctive business model involves facilitating insurance infrastructure for various entities, including banks, home finance companies, non-banking finance companies, startups, and original equipment manufacturers. The startup, with around 40 customers, plans to deploy the freshly acquired funds to push towards profitability and subsequently close its Series B funding round.

The platform helps its clients build, scale, and enable a single view of their customers across all 3 distribution channels of insurance: DIY (where customers purchase insurance by themselves), Assisted (where agents assist customers), or embedded (where the insurance products are typically attached contextually against another product/service for seamless policy purchase/activation experience).

How Is Riskcovry Transforming Insurance Distribution with a Unified API?

Riskcovry envisions  transforming insurance distribution into a seamless process akin to online payments. The startup's unified API enables businesses to effortlessly distribute any insurance product through any channel. Leveraging partnerships with over 30 insurers and access to more than 140 products, Riskcovry's "insurance in a box" concept offers a comprehensive solution for all insurance distribution needs.

Riskcovry's founders envision insurance distribution in efficient, accessible, and customer-centric way. With a plug-and-play integration approach, Riskcovry's platform provides convenient access to tech platforms, dashboards, and a diverse array of insurance products, all in one place.

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