Riskcovry offers a platform that enables enterprises to distribute insurance products, including an embedded insurance product and a lending-insurance product for lenders. The company sells via SaaS, per-successful-purchase fees and an API-call based model; more than 80% of current revenue comes from the per-transaction model while customers are increasingly moving to API-based payments. It serves about 40 customers across banks, home finance companies, non-banking finance companies, startups and OEMs, with roughly 55% already live. The Mumbai-based startup, founded in 2018, processed around Rs 1,500 crore in written premium in the last calendar year, up from about Rs 100 crore in 2021. Riskcovry expects to close the current financial year with revenue of Rs 30 crore (a five-fold jump year-over-year) and plans to use new funding to push toward cash profitability. Management has targeted cash profitability on a base of $25 million (approximately Rs 200 crore) in gross written premium processed per month before pursuing a Series B. Riskcovry, operated by UMBO IDTech Pvt Ltd and founded in 2018, offers a platform that helps banks, fintechs, e-commerce firms, NBFCs and supply-chain companies deliver digital insurance products and services. The company positions embedded insurance as a channel to expand insurance access for consumers and MSMEs. Riskcovry's leadership includes founders Suvendu Prusty, Sorabh Bhandari, Chiranth Patil and Vidya Sridharan, with Asif CH serving as chief architect. The firm will use the Series A capital to develop its technology and product offerings. Its stated client base spans financial institutions and commerce platforms seeking to embed insurance into customer journeys. The company is based in Bengaluru.

Total raised

$5M

Funding rounds

2

Latest round

Series A

Latest activity

Mar 2021