Morphosis Venture Capital, a Dubai-based B2B firm, spearheaded a bridge round of fundraising for insurtech company Riskcovry, securing approximately $4.5 million. The notable Indian financial services giant IIFL also participated in this funding round.
A small part of the funds served as an opportunity for early investors to exit, providing liquidity to a handful of 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.
This funding will assist Riskcovry in boosting its revenue and eventually completing the Series B investment round.
The company is actively implementing its strategy of creating an end-to-end insurance digital structures platform catering to companies across various industries.
Riskcovry is building a “financial infrastructure” stack to streamline insurance distribution in India. They provide a comprehensive solution known as “Insurance-in-a-Box,” facilitating the distribution of any insurance product from any insurer through various customer engagement channels.
Their clients range from traditional distributors like banks, NBFCs, and brokers to emerging companies in the insurance distribution sector, such as digital platforms, telecom companies, fintech firms, retail businesses, payment networks, business correspondents (BCs), and tech startups.