India Based InsurTech Riskcovry announced that it has raised $5 million in Series A funding round led by Omidyar Network India and also witnessed participation from existing investors Bharat Inclusion Seed Fund, Varanium Capital and Better Capital. Other investors who also invested are Pentathlon Ventures and DMI Sparkle Fund.
The company will use the raised funds for its technology, products, partnerships, data sciences and growth. “We believe we can help serve a severely underpenetrated markets 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,” the founders said in a joint statement.
Riskcovry was founded by Suvendu Prusty, Saurabh Bhandari, Vidya Sridharan and Chiranth Patil in 2018. The insurtech startup helps companies offer digital insurance products and services to their end-customers across industries.