Insurtech Startup Riskcovry Secures $4.5 Million Funding Led by Morphosis Venture Capital and IIFL
Mumbai-based insurtech startup, Riskcovry, securing USD 4.5 million in a bridge funding round led by Morphosis Venture Capital.
Updated: January 8, 2024
Riskcovry, a Mumbai-based insurtech startup, recently secured approximately USD 4.5 million in a bridge funding round, with Dubai-based Morphosis Venture Capital leading the investment. IIFL also participated in this funding round. Riskcovry has raised a total of about USD 6.8 million from various investors, including Omidyar Network India, Pentathlon Ventures, and Bharat Innovation Fund. Established in 2018, Riskcovry operates on an innovative 'insurance-in-a-box' model, providing essential insurance infrastructure for platforms and vendors looking to offer insurance products. The company's tech platform serves as a facilitator for businesses, including banks, home finance companies, non-banking finance companies, startups, and original equipment manufacturers, helping them set up efficient and effective insurance distribution channels.
Riskcovry's clientele spans a diverse range of industries, encompassing banks, home finance companies, NBFCs, startups, and original equipment manufacturers. The insurtech firm specializes in providing a robust tech platform that enables businesses to establish and streamline their insurance distribution channels. Through its 'insurance-in-a-box' model, Riskcovry offers a comprehensive solution for platforms and vendors seeking to incorporate insurance products into their offerings. The recent funding round, led by Morphosis Venture Capital and joined by IIFL, positions Riskcovry for further growth as it continues to play a crucial role in shaping the insurtech landscape in India.