Riskcovry, which offers a technology platform for distribution of insurance products, announced a $5 million in Series-A financing round led by Omidyar Network India (ONI).
All existing investors – Bharat Inclusion Seed Fund, Varanium Capital and Better Capital also participated in the round. Other new participating investors in the round include fund Pentathlon Ventures and DMI Sparkle Fund.
This latest funding round comes close on the heels of the pre-series A raise that closed in May 2020, led by Bharat Inclusion Seed Fund, an early stage seed fund.
The funds raised will help the company invest across all major functions – tech, product, partnerships, data sciences and growth.
Suvendu Prusty, Sorabh Bhandari, Vidya Sridharan and Chiranth Patil are the founders of Riskcovry.