Riskcovry raises USD 5 mn from Omidyar Network India, othersPTI | Mumbai | Updated: 09-03-2021 17:01 IST | Created: 09-03-2021 16:29 IST
InsurTech startup Riskcovry Tuesday raised USD 5 million (around Rs 36 crore) in Series –A funding round led by Omidyar Network India (ONI) Its existing investors - Bharat Inclusion Seed Fund, Varanium Capital, and Better Capital also participated in the round, a company statement said.
Other new participating investors in the round included the Pune-based emerging technology-focused venture capital fund Pentathlon Ventures and Delhi-based DMI Sparkle Fund which invests in fintech ventures.
The funds raised will help the company invest across all major functions such as technology, product, partnerships, data sciences, and growth, the statement said.
"We believe we can help serve a severely underpenetrated market like India and we are very excited to partner with Omidyar Network India and all other investors in helping build a more inclusive insurance ecosystem in India," Riskcovry founders said in a joint statement.
Founded in 2018 by Suvendu Prusty, Saurabh Bhandari, Vidya Sridharan, and Chiranth Patil, the startup enables companies from any industry to offer digital insurance products and services to their end-customers.
It offers off-the-shelf insurance products across life, general, and health segments, and has insured more than two lakh lives in the last year. PTI HV SHW SHW
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