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Covrzy: Innovating Business Insurance for the Modern Age

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covrzy

In the competitive and ever-evolving world of startups, Covrzy stands out as a pioneer in business insurance. Founded by Veera Thota and Ankit Kamra, Covrzy aims to transform how small and medium-sized enterprises (SMEs) and startups secure comprehensive insurance coverage through a tech-driven approach.

Veera Thota, Covrzy’s Co-Founder and CTO, has a BTech in Computer Science and Engineering from the National Institute of Technology, Warangal. With over a decade of experience at top companies like Amazon, Samsung India, and PayPal, Veera brings a wealth of knowledge to Covrzy. Ankit Kamra, the Co-Founder and CEO, graduated in Computer Programming from Guru Gobind Singh Indraprastha University and has held significant roles at companies like Plum. It was during his time at Plum that Ankit noticed the complexities and low penetration of business insurance for SMEs. This realization, combined with his previous experience with Flashcash, inspired him to streamline and improve the insurance process for businesses.

Their paths crossed at the Antler EIR program, where they conceived the idea for Covrzy. Their shared vision and complementary expertise in addressing business insurance inefficiencies provided a strong foundation for their venture. Ankit observed that while retail insurance was making strides, business insurance lagged, particularly for SMEs, which contribute over 30% of India’s GDP yet remain largely uninsured. Covrzy was established to address this gap, focusing on enhancing the customer journey by simplifying the discovery and recommendation process. Leveraging content to boost awareness and enabling quick policy recommendations, Covrzy offers a full-stack solution that includes advisory, management, and claims processing.

Covrzy distinguishes itself with a wide array of customized insurance products tailored to SMEs and startups in various sectors, including Fintech and SaaS. Their offerings include Commercial General Liability, Fire & Theft, Product Liability, Professional Indemnity, Cyber Insurance, Directors & Officers Insurance, Export Credit, Stock Insurance, and Asset Insurance. Their partnership-led distribution model and high-quality advisory services set them apart in the competitive market. Covrzy’s personalized, non-pushy sales approach ensures businesses receive the coverage they need, particularly excelling in liability insurance.

The company’s organizational culture emphasizes a lean team structure that delivers maximum value. By promoting flexibility and self-accountability, Covrzy allows team members to take on multiple roles and maximize personal growth, fostering a healthy work environment and preparing employees for leadership roles. Currently operating on a limited scale, Covrzy is preparing to launch its product and expects to secure the necessary license within the next two months, paving the way for significant expansion.

With approximately $400K USD raised from Antler India and Shastra VC, Covrzy plans to extend its operations across various categories and cities in India. The startup faces unique challenges in the regulated insurance industry, needing to comply with the Ministry of Corporate Affairs (MCA) and the Insurance Regulatory and Development Authority (IRDA). They also address issues like customer awareness, product recommendation, and trust-building. Despite these hurdles, Covrzy is committed to success, working closely with regulators, insurance companies, and other key industry players.

Ankit Kamra advises aspiring entrepreneurs to focus on creating value for customers, keeping them at the center of every decision. Veera Thota highlights the importance of building a robust product and acquiring a diverse skill set necessary for the entrepreneurial journey. Prioritizing customer value in every aspect of the product and experience is essential.

Covrzy exemplifies innovation and dedication in the business insurance sector. Their tech-driven approach, customized solutions, and strong focus on customer experience position them to transform the insurance landscape for SMEs and startups. Through visionary leadership and a commitment to excellence, Covrzy is paving the way for a more secure and resilient future for businesses.

 
 
 
 
 

ProsParity Secures $2 Million in Pre-Seed Funding from Diverse Investors

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ProsParity

ProsParity, a rising star in the fintech arena, has successfully raised $2 million in its pre-seed funding round. The funding comes from a consortium of global institutional investors, featuring BEENEXT, Sparrow Capital, All In Capital, DeVC, and Huddle Ventures. Notably, the round also witnessed significant participation from distinguished angel investors, including Dr. Ashish Gupta, Raj Dugar, Dhyanesh Shah, Abhishek Goyal, and Nitin Kaushal.

The injection of capital marks a pivotal moment for ProsParity as it sets its sights on several strategic initiatives. A significant portion of the funds will be allocated towards the development of proof of concept and advanced technological infrastructure. Furthermore, ProsParity intends to expand its origination networks, with a primary focus on central India. The startup is also laying the groundwork for extensive partnerships across a spectrum of stakeholders, ranging from original equipment manufacturers (OEMs) and fleet operators to dealerships and lenders.

Co-founded by Saurabh Khodke and Anirudh Dhakar, ProsParity stands out as a comprehensive electric mobility financing platform, distinguished by its unwavering commitment to compliance, scalability, and agility. Central to its mission is the simplification of financing relationships for EV dealers and OEMs, thereby facilitating seamless financing solutions for end-customers.

Through a combination of its proprietary platform and innovative origination approach, ProsParity aims to consolidate financing demand on a unified platform. This strategic endeavor not only empowers lenders to efficiently allocate capital within the burgeoning EV financing landscape but also propels the transition towards sustainable mobility solutions.

Transforming Hospitality Recruitment: Recipeat’s Solution to India’s Hiring Challenges

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recipeat

recipeatThe Indian hospitality industry faces a daunting recruitment landscape, marked by high turnover rates exceeding 30% and a fragmented hiring process that often frustrates both employers and job seekers. Navigating this complex environment requires innovative solutions, and Recipeat is stepping up to standardize recruitment in this sector.

Traditionally, recruiting staff in hospitality has been a patchwork of methods including referrals, walk-ins, WhatsApp forwards, and third-party websites. Restaurateurs typically begin by creating a job description and seeking referrals from their network. When this approach fails, they turn to national job boards, which often attract candidates outside the hospitality industry. Pressed for time, many resort to WhatsApp and recruitment agencies, resulting in a limited and often biased candidate pool.

Pritpal Singh from Toscano India highlighted the challenge, saying, “We find ourselves recruiting every month for both new and existing roles due to our expansion plans and the high attrition rate.”

Restaurants without a robust HR team find recruitment particularly daunting. The myriad of channels and diverse requirements make the process cumbersome. “At Recipeat, we streamline all recruitment channels into a single dashboard, enabling recruiters to track candidates seamlessly through different stages,” said Ramvaibhav Kumaran, co-founder of Recipeat.

Recipeat simplifies this chaotic process by offering a unified platform where restaurants can post a single smart link across all their recruitment channels. This innovation allows recruiters to identify the source of applicants and connect with them instantly, reducing the reliance on multiple recruitment methods.

Given the high turnover rates, restaurants are constantly hiring. They employ various strategies, such as attending university job fairs, using social media, and hiring costly recruitment agencies. The scarcity of local candidates often forces restaurants to send HR representatives to universities and training centers to handpick candidates. However, this method is fraught with challenges, including high fees and lack of transparency.

In tech-savvy Bangalore, known for its vibrant food scene, restaurants prefer agencies, social media, and walk-ins to attract fresh talent. Conversely, in cosmopolitan Mumbai, establishments rely more on job fairs and personal referrals. Despite these regional differences, the core issues of high turnover and complex recruitment persist, necessitating innovative solutions like Recipeat.

Recipeat’s platform connects restaurants with a vast database of over 30,000 candidates in cities like Bangalore and Mumbai. This centralized approach mitigates the inefficiencies of traditional recruitment methods.

Recruitment agencies pose another significant challenge in the hospitality industry. Their fragmented operations, varying fees, and inconsistent replacement policies complicate the hiring process, leading to confusion and frustration. Some agencies exploit their position by charging exorbitant fees or engaging in unethical practices, further exacerbating the industry’s difficulties.

Adrien Jasserand of Recipeat explained, “We’ve partnered with over 48 agencies across Karnataka, Uttarakhand, and Maharashtra. We act as intermediaries, providing a three-month guarantee and a steady flow of qualified candidates to restaurants and agencies alike.” These partnerships have expanded Recipeat’s job seeker database by 60% month-over-month. Recipeat ensures agencies adhere to their standards, facilitating prompt payouts and redistributing rejected candidates across multiple listings.

“Restaurants can now say no to managing multiple platforms or drowning in paperwork – Recipeat streamlines the process, saving time and resources,” added Kumaran.

Automation is central to Recipeat’s operations. Using WhatsApp, they streamline interview scheduling and communication, making the hiring process more convenient. Candidates simply submit their resumes and are matched with recruiters, simplifying their job search.

Priyaa Ranjan, Head of Guest Relations and Operations at Monkey Bar, shared her positive experience with Recipeat. “With Recipeat, I found the perfect job in less than a week. The platform made the process efficient and stress-free,” she said.

Recipeat is more than a recruitment tool; it represents the standardization that the hospitality industry desperately needs. By reshaping the hiring process, Recipeat is poised to revolutionize how restaurants find their staff. As one of the six promising startups under Gruhas Gusto, Recipeat is supported by an accelerator program led by Gruhas, Jubilant Bhartia Family Office, Sabre Ventures (DLF Family Office), and Anthill Ventures.