Riskcovry, an insurance-technology startup, has raised $5 million in a Series A round of funding led by Omidyar Network India.
Other investors that participated in the round include Pune-based Pentathlon Ventures and Delhi-based DMI Sparkle Fund, along with existing investors Bharat Inclusion Seed Fund, Varanium Capital, and Better Capital.
The startup will use the capital raised in this round to develop technology, products, and others.
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.
“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,” Treasa Mathew, Omidyar Network India director, said.
The firm says its platform helps companies from any industry to offer digital insurance products and services to customers.
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