Insurtech Start-up Covrzy Raises Rs 3.2 Crore in Pre-Seed Funding Led by Antler
- ByStartupStory | May 23, 2023
Covrzy, Bengaluru-based insurtech startup, secures Rs 3.2 crore in pre-seed funding with Antler as the lead investor, joined by Veda VC. With the objective of simplifying, personalizing, and enhancing accessibility to business liability insurance for over 60 million MSMEs and start-ups in India, Covrzy, the start-up, has developed a comprehensive platform. This full-stack platform not only facilitates product discovery but also aims to increase insurance penetration within the start-up and SME sectors.
Covrzy, within just one month since its launch, has already gained over 50 customers, including renowned companies such as Karbon Cards and Volopay. Moreover, the start-up has successfully established partnerships with top insurers like ICICI Lombard.
Covrzy, a start-up formed in 2023 through Antler’s Residency Program, is revolutionizing the sales approach of liability insurance for startups and SMEs. Co-founded by Ankit Kamra and Veera Thota, the company benefits from Ankit’s extensive background in payments, lending, and insurance spanning over a decade.
Ankit previously held the position of Head of Partnerships at Plum, a Sequoia and Tiger Global-backed Insurtech start-up. Meanwhile, Veera Thota, an accomplished tech leader, brings over 13 years of experience in building scalable fintech systems at prominent companies such as Razorpay and PayPal.
Antler, established in 2017 by Nitin Sharma and Rajiv Srivatsa, is a renowned global venture capital firm specializing in early-stage investments in innovative technology companies. With a strong presence in key entrepreneurial centers worldwide, including London, Berlin, Stockholm, New York, Singapore, and Sydney, the firm has established itself as a prominent player in the industry.
Ankit Kamra, Co-founder of Covrzy claimed, “Currently, a small fraction of India’s 6.33 crore MSMEs have business insurance. Through our research, we realized how complex and time-consuming the buying journey is. Factors such as lack of trust with legacy players and unavailability of customized options contribute to the low penetration of liability insurance. Our full-stack platform and partnerships with market-leading insurers ensure that we can offer best-in-class insurance solutions tailored to the needs of our customers. Through Covrzy, we want to empower millions of business owners with the confidence and security they need to pursue their dreams.”
Commenting on the investment, Nitin Sharma, Partner at Antler added, “We are thrilled to back Ankit, Veera, and the Covrzy team in their mission of solving business insurance education and adoption with a fresh, product-led approach that turns the “push” sell into a “pull”. In empowering businesses to make informed insurance decisions through a simple, intuitive and personalized product offering with a differentiated GTM strategy, Covrzy has the potential to make a real dent to address the lagging insurance penetration in this space.”
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