Total amount raised
₹739 Millions
Latest funding date
01/01/2024
Location
Riskcovry has successfully raised funds through multiple rounds, with the latest being a Convertible Note round closed on January 8, 2024. The company has received backing from notable investors such as IIFL Finance, Morphosis Venture Capital, Bharat Innovation Fund, and Varanium NexGen.
Recent news articles highlight that Riskcovry secured $4.5 million in its latest funding round, indicating ongoing investor confidence and financial support for further development and expansion. Keep reading to explore the intricacies of Riskcovry's fundraising journey and the investors backing this innovative platform.
What Is Riskcovry?
Riskcovry, founded in 2018, is a digital insurance and insurtech company based in Juhu, Maharashtra, India. The company was established by Chiranth Patil, Sorabh Bhandari, Suvendu Prusty, and Vidya Sridharan.
Riskcovry operates a full-stack insurance distribution platform, offering over 130 insurance products from more than 40 insurers. Their platform supports various distribution channels, including DIY, Assisted, and Embedded, catering to diverse business needs.
With a workforce of 101-250 employees, Riskcovry continues to innovate in the insurtech space, providing seamless integration through a unified API and modular solutions like Embed Pro and Retail Insurance Platform.
How Much Funding Has Riskcovry Raised?
- Convertible Note
- Amount Raised: $4.5 million
- Date: January 2024
- Lead Investors: Morphosis Venture Capital, IIFL Finance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To achieve cash profitability and prepare for a Series B round.
- Series A
- Amount Raised: $5 million
- Date: March 2021
- Lead Investors: Omidyar Network India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and expand operations.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2020
- Lead Investors: Bharat Inclusion Seed Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and market entry.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial products.
Total Amount Raised: $9.5 million
Current Valuation: Not publicly disclosed
Key Investors
- Morphosis Venture Capital
- Details: Morphosis Venture Capital is a Dubai-based B2B fund that led Riskcovry's recent $4.5 million bridge funding round. The firm focuses on early to growth-stage investments in technology-driven companies.
- Investment Focus Areas: B2B, technology, early-stage startups
- Notable Investments: Riskcovry
- Omidyar Network India
- Details: Omidyar Network India is a venture capital firm that led Riskcovry's $5 million Series A funding round in 2021. The firm focuses on social impact investments, particularly in technology and financial inclusion.
- Investment Focus Areas: Social impact, technology, financial inclusion
- Notable Investments: Riskcovry
- Bharat Innovation Fund
- Details: Bharat Innovation Fund is a venture capital firm that has invested in Riskcovry. The firm focuses on deep-tech and IP-driven startups.
- Investment Focus Areas: Deep-tech, IP-driven startups, innovation
- Notable Investments: Riskcovry
- IIFL
- Details: IIFL is an Indian financial services entity that participated in Riskcovry's recent $4.5 million bridge funding round. The firm invests in a variety of sectors, including financial services and technology.
- Investment Focus Areas: Financial services, technology, diversified sectors
- Notable Investments: Riskcovry
- Pentathlon Ventures
- Details: Pentathlon Ventures is a venture capital firm that has previously invested in Riskcovry. The firm focuses on early-stage technology startups.
- Investment Focus Areas: Early-stage startups, technology, innovation
- Notable Investments: Riskcovry
What's Next for Riskcovry?
Riskcovry is poised to capitalize on the burgeoning insurtech market, with plans to process $25 million in gross written premium per month. The company aims to expand its 'insurance-in-a-box' model to more platforms and vendors, leveraging the growing Indian insurance market projected to reach $200 billion by 2027. This expansion presents a significant opportunity for Riskcovry to increase its customer base and revenue.
Future fundraising efforts are on the horizon, with a robust Series B round anticipated once the company achieves cash profitability. The recent $4.5 million bridge funding round is a strategic step towards this goal, setting the stage for more substantial investments. However, Riskcovry faces challenges such as maintaining profitability while scaling operations and navigating a competitive insurtech landscape.
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