Insurance technology startup Riskcovry has successfully secured approximately $4.5 million in a bridge round of funding, with leading Dubai-based business-to-business (B2B) fund Morphosis Venture Capital taking the lead. This funding round aims to support Riskcovry in its journey towards profitability and eventually close its Series B round. With a strong commitment to growth, Riskcovry intends to achieve a remarkable five-fold jump in revenue, aiming to close the current financial year with an impressive revenue of Rs 30 crore.
Funding Details
The newly secured funds will play a pivotal role in Riskcovry’s growth strategy. By pushing towards profitability, the startup can establish a strong financial foundation and attract more investors for the upcoming Series B round. This funding will provide the necessary boost to help Riskcovry achieve its revenue growth targets and solidify its position in the insurtech industry.
Revenue Growth
Riskcovry’s ambitious goal for the current financial year is to achieve a five-fold increase in revenue compared to the previous year. With a target revenue figure of Rs 30 crore, the startup aims to demonstrate its exceptional growth potential in the evolving insurance market. This significant surge in revenue will not only strengthen Riskcovry’s financial health but also reflect its commitment to offering innovative insurance solutions to its clients.
Previous Performance
In the past year, Riskcovry has processed an impressive amount of Rs 1,500 crore in written premiums, showcasing their proficiency in handling substantial premium volumes. The startup’s ability to handle such significant amounts of premiums has contributed to building trust with its customers. With their reliable and efficient services, Riskcovry has earned the trust of 40 customers hailing from various sectors, including banks, home finance companies, non-banking finance companies, startups, and original equipment manufacturers.
Previous Investments
Riskcovry has already raised approximately $6.8 million in previous investments from reputable investors such as Omidyar Network India, Pentathlon Ventures, and Bharat Innovation Fund. This demonstrates the confidence that investors have in the startup’s potential to disrupt the traditional insurance distribution landscape with its advanced technology platform.
Business Model
Riskcovry provides a cutting-edge tech platform that helps businesses establish and streamline their insurance distribution processes. The platform caters to a diverse audience, including banks, home finance companies, non-banking finance companies, startups, and original equipment manufacturers. By leveraging technology, Riskcovry enables these entities to optimize their insurance distribution by offering seamless onboarding, policy management, and claims processing solutions.
Future Plans
Building on its current success, Riskcovry is determined to close its Series B funding round, which will further fuel its growth trajectory. With the recently secured funding, the startup will continue to push towards profitability while maintaining an unwavering focus on revenue growth. This approach will position Riskcovry as a formidable player in the insurtech space, enhancing its ability to expand its market reach and deliver innovative insurance solutions.
Riskcovry’s latest achievement in securing $4.5 million in funding through the bridge round, led by Morphosis Venture Capital, marks a significant milestone in its journey towards becoming a thriving insurtech startup. With a clear roadmap focused on profitability and revenue growth, Riskcovry aims to revolutionize the insurance distribution industry with its advanced tech platform. The growing trust from investors and the significant premium volumes processed highlight the promising future that lies ahead for Riskcovry. As the startup advances towards closing its Series B funding round, it is evident that the funding secured will play a pivotal role in propelling Riskcovry’s growth and solidifying its position as a leader in the insurtech space.