Insurtech startup Covrzy has secured Rs 3.2 crore in a pre-seed funding round led by Antler along with participation from Veda VC.
The company plans to use the funds to hire across tech, product, operations, business development, and marketing to drive its next phase of growth, Covrzy said in a press release.
Co-founded in 2023 by Ankit Kamra and Veera Thota, Covrzy aims to make business liability insurance simple, personalised, and accessible for MSMEs and startups across India. Its full-stack platform is designed to aid product discovery and boost insurance penetration in startups and SMEs.
According to Covrzy, the purpose of insurance is to provide safeguard to businesses and promote economic growth. Its platform streamlines the process for businesses to assess and obtain the essential insurance products needed to secure their operations. Through technology, it looks to standardise various processes for stakeholders such as brokers and insurers. Its focus is on creating next-generation pricing models, automated onboarding flows, and a customer service layer that covers the entire product lifecycle.
The Bengaluru-based startup claims to have more than 50 customers, including companies like Karbon Cards and Volopay and partnerships with leading insurers like ICICI Lombard.