Riskcovry, an insurance-technology startup, has raised $5 million (around Rs 36.6 crore) in a Series A round of funding.
The round in Bengaluru-based Riskcovry has been led by Omidyar Network India. Other participants include Pune-based Pentathlon Ventures and Delhi-based DMI Sparkle Fund.
Existing backers Bharat Inclusion Seed Fund, Varanium Capital, and Better Capital also participated in this round.
This infusion comes after Riskcovry in May last year raised an undisclosed sum in a pre-Series A round led by Bharat Inclusion Seed Fund. Varanium and Better Capital had also taken part in that round.
Riskcovry, operated by UMBO IDTech Pvt Ltd, was set up in 2018 by Suvendu Prusty, Sorabh Bhandari, Chiranth Patil, and Vidya Sridharan. The leadership includes Asif CH, who has been with the company since its inception and is its chief architect.
The firm says its platform helps companies from any industry to offer digital insurance products and services to customers.
Riskcovry will use the capital raised in this round to develop technology, products, and others.
“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 (next half billion) consumers and MSMEs,” Omidyar Network India director Treasa Mathew said.
Riskcovry says its client base includes banks, financial technology companies, e-commerce firms, non-banking financiers, and supply chain-focused companies. According to VCCEdge, the insurtech startup raised around Rs 1.15 crore in early 2019 from a clutch of investors.