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Insurtech Start-Up Covrzy Raises Rs 3.2 Crore In Pre-Seed Funding Led By Antler

The start-up aims to make business liability insurance simple, personalised, and accessible for over 60 million MSMEs and start-ups across India

Insurtech Start-Up Covrzy Raises Rs 3.2 Crore In Pre-Seed Funding Led By Antler
Covrzy Founders from Left to Right Ankit Kamra and Veera Thota
POSTED ON May 23, 2023 1:51 PM

Bengaluru-based insurtech startup, Covrzy announced has raised Rs 3.2 crore in pre-seed funding led by Antler. The round also saw participation from Veda VC. 

The start-up aims to make business liability insurance simple, personalised, and accessible for over 60 million MSMEs and start-ups across India. Its full-stack platform is designed to aid product discovery and boost insurance penetration in start-ups and SMEs. 

Within a month of launch, Covrzy has claimed to have more than 50 customers, including companies like Karbon Cards and Volopay and partnerships with leading insurers like ICICI Lombard. 

Founded in 2023 by Ankit Kamra and Veera Thota as a part of Antler’s Residency Program, Covrzy is transforming the way liability insurance is sold to startups and SMEs. Ankit has more than ten years of experience in payments, lending, and insurance. Prior to co-founding Covrzy, he served as Head of Partnerships at Plum, an Insurtech startup backed by Sequoia and Tiger Global. Veera Thota is an experienced tech leader with over 13 years of expertise in building scalable fintech systems at companies like Razorpay and PayPal. 

Founded in 2017 by Nitin Sharma and Rajiv Srivatsa Antler is a global early-stage venture capital firm that invests in defining technology companies. The firm has offices globally across most major entrepreneurial hubs, including London, Berlin, Stockholm, New York, Singapore, and Sydney.

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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