Riskcovry funding: raises Rs.9.3 Crores in series A round
Riskcovry a Mumbai based startup raises Rs.9.3 crores from Bharat Inclusion Seed Fund, Varanium Capital, and Better Capital in the final round of series A funding. The company is planning to use these funds in scaling up of products, expansion of customer segment and team, improving technology and sales.
Founder of the Riskcovry says “Our team is excited to be partnering with the Bharat Inclusion Seed Fund, Varanium Capital and Better Capital for our Pre-Series-A final round. We embrace mutual thesis around intersecting inclusive insurance ecosystems with new-age technology tools and look forward to working with them closely as we accelerate into the next stage of our company’s evolution”
Suvendu Prusty, Sorabh Bhandari, and Chiranth Patil founded the company in 2018 with an aim to provide Insurance services to consumer businesses like financial institutions, fintech, e-commerce, retail, etc. The company works on a B2B2C model enabling its customers with SaaS and API-first Platform. It allows businesses with a large captive user base to enable the distribution of insurance to their users in an end-to-end fashion. It provided different insurance products like life, non-life, health, etc with infra to support any distribution use-case.
Founder and CEO of StartupLanes, Shishir Gupta, says over the last few years we have seen a swift growth in India’s FinTech sector. Our government is launching different schemes and projects and also working on security and the strong technological base of this sector. The motto of our Honourable PM is also to provide financial and insurance services to every corner of the country. We as entrepreneurs have this responsibility to help him achieve this goal for the development of the country. Considering the changing market dynamics, Riskcovry is working on a very crucial and essential part of any company. Insurance is the immediate need for any individual or company. My best wishes to the team. Keep growing.
India ranked second globally in the FinTech adoption rate in 2018. The average FinTech users in India is 57.9%. The overall transaction value in the Indian FinTech market is estimated to grow from $66.1 billion in 2019 to $137.8 billion in 2023.