In the antler-led funding round, Covrzy, an insurtech startup, recently announced that it has secured Rs 3.2 crore in pre-seed funding. Veda VC also participated in the funding round.
Covrzy, a startup in India, seeks to simplify, personalize, and increase accessibility to business liability insurance for over 60 million MSMEs (Micro, Small, and Medium Enterprises) and startups, as per reported by BW Disrupt.
Ankit Kamra, Co-founder of Covrzy added – “Currently, a small fraction of India’s 6.33 crore MSMEs have business insurance. Through our research, we realized how complex and time-consuming the buying journey is. Factors such as lack of trust with legacy players and unavailability of customized options contribute to the low penetration of liability insurance. Our full-stack platform and partnerships with market-leading insurers ensure that we can offer best-in-class insurance solutions tailored to the needs of our customers. Through Covrzy, we want to empower millions of business owners with the confidence and security they need to pursue their dreams.”
They have developed a comprehensive platform that assists with product discovery and aims to enhance insurance adoption among startups and SMEs. In just one month since its launch, Covrzy has already secured over 50 customers, including notable companies such as Karbon Cards and Volopay, and established partnerships with prominent insurers like ICICI Lombard.
Covrzy, established in 2022 as a result of Ankit Kamra and Veera Thota’s participation in Antler’s Residency Program, is revolutionizing the approach to selling liability insurance to startups and SMEs. Ankit brings more than a decade of experience in payments, lending, and insurance, having previously held the position of Head of Partnerships at Plum, an Insurtech startup supported by Sequoia and Tiger Global.
Veera Thota, on the other hand, is a seasoned technology leader who has amassed over 13 years of expertise in constructing scalable fintech systems at esteemed organizations like Razorpay and PayPal.