# Riskcovry

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/riskcovry

- Industry: Insurance
- Headquarters: Mumbai, India
- Website: https://riskcovry.com/
- Total disclosed funding: $12M
- Latest round: Series A (Jun 18, 2024)
- Investors on record: 10

## About

Founded in 2018 and based in Mumbai, India, UMBO InsurDataTech Systems Private Limited trading under the name Riskcovry, operates as an insurance technology platform for enterprise customers that allows them to access relevant insurance products through a digital process of underwriting, policy issuance, claim settlement, and compliance. In January 2024, Riskcovry raised USD 4.5 million in venture funding led by investor Morphosis Venture Capital, with participation from IIFL.

The firm’s offerings include retail insurance, group insurance, credit-linked insurance, sachet insurance, and business/home insurance, all supported by an end-to-end API-led system. Moreover, the firm offers configurable UI/UX options and manage the issuance of insurance certificates with or without insurer APIs.

The company intends to use the January 2024 funding to move closer to profitability and ultimately wrap up its series B fundraising round.

## Funding rounds

- Series A, Jun 18, 2024, $1.9M — Smilegate Investment
- Series A, Jun 7, 2023, $4.7M — HDFC Bank, IIFL Capital, Omidyar Network, Varanium Capital, DMI AIF Sparkle Fund, Morphosis Venture Capital
- Series A, Aug 31, 2021, $0.3M — Omidyar Network
- Series A, Mar 8, 2021, $5M — Better Capital, Omidyar Network, Varanium Capital, Bharat Inclusive Seed Fund, Pentathlon Ventures, DMI AIF Sparkle Fund

## Investors

- Better Capital — Series A
- Omidyar Network (https://capitalatlas.ai/funds/omidyar-network) — Series A
- Varanium Capital (https://capitalatlas.ai/funds/varanium-capital) — Series A
- Bharat Inclusive Seed Fund (https://capitalatlas.ai/funds/bharat-inclusive-seed-fund) — Series A
- Pentathlon Ventures (https://capitalatlas.ai/funds/pentathlon-ventures) — Series A
- DMI AIF Sparkle Fund (https://capitalatlas.ai/funds/dmi-aif-sparkle-fund) — Series A
- HDFC Bank — Series A
- IIFL Capital — Series A
- Morphosis Venture Capital (https://capitalatlas.ai/funds/morphosis-venture-capital) — Series A
- Smilegate Investment (https://capitalatlas.ai/funds/smilegate-investment) — Series A