Riskcovry, a Mumbai-based InsurTech startup, has raised around $4.5m in a bridge funding round.
Leading the investment was Morphosis Venture Capital, joined by IIFL, marking a crucial step in Riskcovry’s path towards profitability and setting the stage for a Series B funding round, according to a report from Startup Story Media.
Riskcovry’s business model revolves around its unique ‘insurance-in-a-box’ concept. Founded in 2018, the company provides a comprehensive insurance infrastructure tailored for platforms and vendors aiming to offer insurance products.
The funds raised will be pivotal in helping Riskcovry achieve cash profitability. With a target of processing $25m in gross written premium each month, the company is gearing up for a substantial Series B funding round.
Apart from boosting its financial goals, the funding also includes a component to provide liquidity for employees and offer an exit route for early investors.
Riskcovry’s client base is impressively diverse, spanning across banks, NBFCs, retail, payment networks, digital and telecom sectors, as well as FinTech and tech startups.
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