Riskcovry, a Mumbai-based Insurtech startup that helps its customers with SaaS & API-first platform, announced that it has raised an undisclosed amount in its pre-Series A round from Bharat Inclusion Seed Fund, Varanium Capital, and Better Capital.
Saras Agarwal, Principal at Bharat Inclusion Seed Fund, said, “Riskcovry brings a fresh approach to digital distribution for the insurance market. Their API-first approach helps enterprise customers get access to highly relevant insurance products through a completely digital process of underwriting, policy issuance, claim settlement, and compliance.”
Founded in 2018 by Suvendu Prusty, Sorabh Bhandari, and Chiranth Patil, Riskcovry enables the distribution of multiple insurance products across life, non-life, and health with plug-and-play infra to support any distribution use-case.
The founders, in a joint statement, said, “This round will help us scale on our product-market fit, and serve more enterprise customers across segments that enable both mainstream and alternative insurance distribution. We look forward to building out our technology, product, data sciences, sales, and growth teams.”
Riskcovry falls into the “financial infrastructure” bucket, where fintech startups enable the ‘rails’ or ‘pipes’ that connect various payers within the industry’s value chain via APIs (Application Programming Interfaces) in order to interact with each other.
The startup is an omni-channel “Insurance-in-a-Box” for consumer businesses (like Financial Institutions/FinTechs and Retail/eCommerce) to enable any insurance product from any insurer across any customer engagement channel, seamlessly.
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