Riskcovry Raises $5M for API Infrastructure
Indian insurtech Riskcovry raised $5 million to expand its insurance distribution and API infrastructure. The company focuses on the embedded insurance market and is planning to expand its cross-border operations.
- This latest round brings Riskcovry's total funding to $14.4M over 5 rounds since its first raise in 2019. Previous lead investors include Omidyar Network India, which led a $5 million Series A round in 2021, and Morphosis Venture Capital. - The company's "insurance-in-a-box" model is built on an API-first architecture, providing a unified API that standardizes integration across more than 40 insurers and 150+ pre-configured products. This is designed to allow partners to embed insurance into their user journeys with a 50% faster go-to-market time compared to traditional methods. - For developers and platform engineering teams, Riskcovry offers multiple integration pathways beyond its core REST API, including SDKs for native mobile app integration and Progressive Web Apps (PWAs) for redirect-based purchase flows. - The platform utilizes what it describes as "agentic AI workflows" to connect systems and automate processes across the insurance lifecycle, including policy issuance, claims automation, and AI-led recommendations for credit-linked insurance. - The API is modularized into specific products for different use cases: "EmbedPro" for embedding contextual insurance into transactions, "LendPro" for digitizing credit-linked insurance, and "RetailPro" for cross-selling standard health, motor, and life policies. - As of May 2022, the platform was handling over 150,000 API calls per day and had issued more than 500,000 policies. - The founding team, established in 2018, combines insurance industry veterans (Suvendu Prusty, Sorabh Bhandari), technology and data security specialists (Vidya Sridharan), and startup scaling experience (Chiranth Patil).
