Riskcovry raises $5 million in Series A round of funding

Bengaluru: Riskcovry, an insurance-technology startup, has raised $5 million in a Series A round of funding.

The round in Bengaluru-based Riskcovry has been led by Omidyar Network India. Other participants include Pune-based Pentathlon Ventures and Delhi-based DMI Sparkle Fund.

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.

The firm says its platform helps companies from any industry to offer digital insurance products and services to customers.

Riskcovry will use the capital raised in this round to develop technology, products, and others.

“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,” Omidyar Network India director Treasa Mathew said.

Riskcovry says its client base includes banks, financial technology companies, e-commerce firms, non-banking financiers, and supply chain-focused companies.