Insurtech startup Riskcovry gets $4.5 million in bridge round
Insurtech startup Riskcovry has raised around $4.5 million in a bridge round of funding led by Dubai-based business-to-business fund Morphosis Venture Capital. Indian financial services player IIFL also participated in this round.
The round has a small secondary component which offered liquidity to some of its employees and exit to early investors.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitMITMIT Technology Leadership and InnovationVisitA bridge round in venture capital parlance is typically a small round between two major investments which can help a company move towards a set financial goal.
Riskcovry plans to use these funds to push towards profitability and eventually close its series B round of funding. “With this small round in place we intend to achieve cash profitability on a base 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.
The startup intends to close the current financial year with a revenue of Rs 30 crore, thereby clocking a five times jump from the previous year. It has already processed around Rs 1,500 crore in written premium in the last calendar year, compared to around Rs 100 crore processed in 2021.
The Mumbai-based startup, founded in 2018 had till date raised around $6.8 million from the likes of Omidyar Network India, Pentathlon Ventures, Bharat Innovation Fund and others, Tracxn data shows.
It offers a technology platform which can help build insurance distribution capabilities for enterprises.
Riskcovry has
