Covrzy, a Bengaluru-based insurtech startup, has raised $386,438 (around Rs 3.2 crore) in a pre-seed funding round led by Antler, with participation from Veda VC.
As per the startup, the freshly raised funds will be used to develop its technology stack and hire talent.
Covrzy | Simplifying Business Insurance
Founded by Ankit Kamra and Veera Thota in 2023 as a part of Antler’s Residency Program, Covrzy enables business owners to get customized insurance products for their businesses. The platform allows business owners to quickly compare and purchase insurance policies for their businesses.
Speaking about the development, Ankit Kamra, Co-founder of Covrzy, stated that, currently, a small fraction of India’s 6.33 crore MSMEs have business insurance. Through their research, the startup has realized how complex and time-consuming the buying journey is.
Ankit Kamra added,
“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.”
The micro, small and medium enterprise-focused platform aims to make business liability insurance simple, personalized, and accessible for over 60 million MSMEs and startups across India.
As per the Bengaluru-based startup, its full-stack platform is designed to aid product discovery and boost insurance penetration in startups and SMEs. Covrzy claims to have more than 50 customers, including companies like Karbon Cards and Volopay and partnerships with leading insurers like ICICI Lombard.
Commenting on the development, Nitin Sharma, Partner at Antler, said,
“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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