About CoverSure
CoverSure is a company based in Mumbai (India) founded in 2023 by Mayank Mishra, Saurabh Vijayvergia, and Harshit Jain.. CoverSure has raised $4.26 million across 2 funding rounds from investors including Enam Holdings, Volrado Venture Partners and Saurabh Vijayvergia. The company has 36 employees as of April 05, 2024. CoverSure offers products and services including Insurance Portfolio, Risk Calculator, Know Your Policy, Insurance on Cards, and CoverSure Motor Club. CoverSure operates in a competitive market with competitors including Artificial Labs, Leonteq, Web Connectivity, Sagitec and ITM TwentyFirst, among others.
- Headquarter Mumbai, India
- Employees 36 as on 05 Apr, 2024
- Founders Mayank Mishra, Saurabh Vijayvergia, Harshit Jain
- Stage Minicorn
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Sectors
Financial Services
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Claycove23 Insurance Tech Private Limited
- Date of Incorporation 30 Dec, 2022
- Jurisdiction Mumbai, Maharashtra, India
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Annual Revenue
$0 (USD)0as on Mar 31, 2023
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Net Profit
$-139.9 K (USD)0as on Mar 31, 2023
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EBITDA
$-186.2 K (USD)0as on Mar 31, 2023
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Total Equity Funding
$4.26 M (USD)
in 2 rounds
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Latest Funding Round
$4 M (USD), Seed
May 27, 2024
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Investors
Enam Holdings
& 2 more
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Employee Count
36
as on Apr 05, 2024
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Products & Services of CoverSure
CoverSure offers a comprehensive portfolio of products and services, including Insurance Portfolio, Risk Calculator, Know Your Policy, Insurance on Cards, and CoverSure Motor Club. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Tool for tracking and managing user insurance policies effectively.
Calculates potential insurance risks for informed decision-making.
Service to review and understand details of existing policies.
Platform for accessing insurance via card-based systems securely.
Offers motor insurance support and related advisory features.
Provides immediate assistance for insurance-related emergencies.
Unlock access to complete
Funding Insights of CoverSure
CoverSure has successfully raised a total of $4.26M across 2 strategic funding rounds. The most recent funding activity was a Seed round of $4 million completed in May 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Seed — $4.0M
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First Round
First Round
(01 Mar 2023)
- Investors Count 3
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May, 2024 | Amount | Seed - CoverSure | Valuation | Enam Holdings |
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| Mar, 2023 | Amount | Seed - CoverSure | Valuation |
investors |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in CoverSure
CoverSure has secured backing from 3 investors, including venture fund and angel investors. Prominent investors backing the company include Enam Holdings, Volrado Venture Partners and Saurabh Vijayvergia. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Investment in Indian capital markets and initiatives in asset management and renewable energy.
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Founded Year | Domain | Location | |
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Early-stage investments in multiple industries are targeted by the firm.
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Founded Year | Domain | Location | |
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SV
Saurabh Vijayvergia |
Founder of Balancehero, angel investor in Indian startups
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by CoverSure
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - CoverSure
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Coversure Comparisons
Competitors of CoverSure
CoverSure operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Artificial Labs, Leonteq, Web Connectivity, Sagitec and ITM TwentyFirst, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Software solutions provider for Insurers
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| domain | founded_year | HQ Location |
Products and Services provider for Structured Products
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| domain | founded_year | HQ Location |
Software solution provider for insurance business processes
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| domain | founded_year | HQ Location |
Pension administration and unemployment insurance software solutions are provided.
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| domain | founded_year | HQ Location |
Life insurance policy management and trust administration solutions are provided.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Coversure
Frequently Asked Questions about CoverSure
When was CoverSure founded?
CoverSure was founded in 2023.
Where is CoverSure located?
CoverSure is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
Who is the current CEO of CoverSure?
Saurabh Vijayvergia is the current CEO of CoverSure. They have also founded this company.
Is CoverSure a funded company?
CoverSure is a funded company, having raised a total of $4.26M across 2 funding rounds to date. The company's 1st funding round was a Seed of $258.84K, raised on Mar 01, 2023.
How many employees does CoverSure have?
As of Apr 05, 2024, the latest employee count at CoverSure is 36.
What does CoverSure do?
CoverSure was founded in 2023 in Mumbai, India, within the insurance sector. Insurance products are supplied alongside risk assessment, policy management, and advisory services. Operations are conducted via a platform that enables policy access and oversight. Tools for evaluating risks are made available, while guidance on insurance topics is offered. Policy details are stored securely, and support services can be accessed through the platforms features.
Who are the top competitors of CoverSure?
CoverSure's top competitors include Artificial Labs, Leonteq and Web Connectivity.
What products or services does CoverSure offer?
CoverSure offers Insurance Portfolio, Risk Calculator, Know Your Policy, Insurance on Cards, and 2 more products and services.
Who are CoverSure's investors?
CoverSure has 3 investors. Key investors include Enam Holdings, Volrado Venture Partners, and Saurabh Vijayvergia.
What is CoverSure's valuation?
The valuation of CoverSure is $2.6M as of Mar 2023.