The Dubai-based b2b firm Morphosis Venture Capital led a bridge round of fundraising for the insurtech firm Riskcovry, which raised about $4.5 million. IIFL, an Indian giant in financial services, took part in this round as well.
A tiny secondary portion of the financing provided exit opportunities to early investors and liquidity to a few employees, as reported by The Economic Times.
“With this small round in place we intend to achieve cash profitability on a br of $25 million (Rs 200 crore approximately) in gross written premium processed per month, post which, we might raise a healthy Series B,” said Chiranth Patil, cofounder, Riskcovry.
With the help of this funding, Riskcovry hopes to increase revenue and ultimately conclude its Series B investment round.
By creating an end-to-end insurance digital structures platform, Riskcovry is expanding on this strategy and enabling companies in a range of industries.
To facilitate the distribution of insurance in India, Riskcovry is constructing a “financial infrastructure” stack. They enable any insurance product from any insurer across every customer engagement channel, holistically and seamlessly, serving as a “Insurance-in-a-Box” for any business.
Their clientele includes traditional distributors like as banks, NBFCs, brokers, and the like, as well as emerging companies in the insurance distribution space such as digital, telecom, fintech, retail, payment networks, BCs, and tech startups.