Riskcovry has raised $5.0M in total across 1 funding round.
Riskcovry's investors include Bharat Innovation Fund, Lightspeed Venture Partners.
Riskcovry is a Mumbai- and Bangalore-based B2B2C insurtech startup founded in 2018 that provides an "Insurance as a Service" platform, enabling businesses like banks, NBFCs, brokers, fintechs, and tech startups to distribute insurance products seamlessly via APIs without building their own teams or integrations.[1][2][3] Its core products—Riskcovry Insurance-in-a-Box and Riskcovry SaaS—offer modular, carrier-agnostic capabilities including a proprietary Risk-O-Meter for real-time risk assessment, dynamic underwriting, and bundled policies (e.g., life, health, and employment loss coverage) issued digitally.[1][6] Serving over 50 clients, it facilitates 35,000-40,000 policies monthly, earning revenue from premium percentages, with 100% year-over-year growth driven by digital demand post-pandemic.[2]
Riskcovry was founded in 2018 by Suvendu Prusty, Sorabh Bhandari, Chiranth Patil, and Vidya S. in Mumbai (with operations in Bangalore), under the legal entity UMBO InsurDataTech Systems Private Limited.[1][3] The idea emerged to address the complexities of insurance distribution—such as building tech integrations with carriers and managing processes—by creating a simple API-based "insurance-in-a-box" model for businesses with large user bases.[1][2] Early traction came from enabling mainstream distributors (banks, NBFCs) and newcomers (retail, fintechs) to sell policies easily; pivotal moments include raising a $5 million Series A in March 2021 led by Omidyar Network India and hitting 50 clients amid pandemic-fueled digital insurance needs.[2]
Riskcovry rides the embedded insurance trend, where policies integrate into non-insurance products (e.g., loans via fintechs), fueled by digital adoption in India's growing insurtech market post-pandemic.[2][6] Timing aligns with rising demand for seamless B2B2C distribution amid low insurance penetration, regulatory support for tech, and AI-driven personalization.[1][5] Market forces like fintech proliferation and consumer shift to digital channels favor it, as it bridges insurers and distributors (e.g., banks, telcos).[2][4] It influences the ecosystem by accelerating product innovation—spotting gaps and co-developing with carriers—and enabling startups to enter insurance without heavy infrastructure.[2]
Riskcovry is poised for expansion as an AI-first insurtech infrastructure provider, leveraging its platform to capture more embedded insurance volume in India and potentially beyond, with trends like AI underwriting and regulatory digitization boosting scalability.[5][6] Next steps likely include deeper AI integrations, international pilots, and further funding to hit hypergrowth, evolving from distributor enabler to full insurtech backbone amid 100%+ YoY momentum.[2] This positions it as a key player re-imagining insurance intelligence, building on its "beacon of innovation" foundation.[1]
Riskcovry has raised $5.0M across 1 funding round. Most recently, it raised $5.0M Series A in March 2021.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Mar 1, 2021 | $5.0M Series A | Bharat Innovation Fund, Lightspeed Venture Partners |
