How a serial entrepreneur and a tech leader validated a billion dollar insurtech problem

Read how Ankit and Veera arrived at the idea of solving business liability insurance for millions of MSMEs and startups.


Antler India

Ankit Kamra and Veera Thota are solving the tough problem of penetration of business liability insurance for millions of MSMEs and startups. With a fresh, product-led approach that turns the “push” sell into a “pull”, their full-stack platform and partnerships with market-leading insurers ensure best-in-class insurance solutions.

Ankit is a repeat entrepreneur and Veera previously built FinTech systems for scale. Together, they are now solving a billion-dollar Insurtech problem. This is the story of how Ankit and Veera (Co-founders, Covrzy) came together to build.

Opportunity and idea validation

Having built and been a core part of many successful startups such as Plum, Karbon Cards, Razorpay and Paypal, Ankit and Veera both wanted to build an organization for scale and impact. Brought together by the aspiration to build in FinTech, they solidified this Insurtech idea through experiments and iteration at the Residency. Here is a peek into what Covrzy's idea validation process looked like:

  1. Understanding in detail the market trends of formalisation and digitisation of businesses in India.
  2. Assessing the problem statement of how an ecosystem of over 20 general insurance companies results in over 300+ products to choose and aggregate from. Having the right insurance is now recognised as one of the most important pills to avoid pain! The discovery of the right insurance itself is a pain not yet solved.
  3. Arriving at the insight that the playbook of using a single metric like PAN or CIBIL score to deliver insurance quotes already exists in the Life Insurance Business. A similar playbook using GST ID is now possible. Power to the People - The solution helps bring siloed and disparate data in a comparable usable format reducing the price of discover.

Disagree and commit

Ankit and Veera took the personality assessment as a part of the program. With complementary personality types, ‘disagree and commit’ became one of the core values of their co-founder relationship. Understanding each others’ strengths and weaknesses through the course of the Residency helped them build an enduring dynamic.

Transforming the way liability insurance is sold

Currently, a small fraction of India's 6.33 crore MSMEs have business insurance. Covrzy’s full-stack platform and partnerships with market-leading insurers oers best-in-class insurance solutions tailored to the needs of customers. From meeting at the Residency, Ankit and Veera are now making liability insurance simple, personalized, and accessible for millions of businesses across India.

To know more about Covrzy, head here.

Join Antler to validate your idea, build your team, and access capital to launch and scale your company.


Subscribe to our newsletter

Get the latest news and views from Antler’s global community

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Must-read articles from Antler

Browse our collection of founder stories, industry insights and latest startup successes from Antler Australia

See articles
5 min read
Introducing Canada's Next Big Thing: A blueprint for future entrepreneurs

Exciting news for entrepreneurs ready to leave their mark: We've launched a pivotal initiative that spotlights the diverse opportunities within Canada's thriving industries.

Our report curates pivotal problem statements from Canada's leading tech visionaries, founders, and VCs, offering aspiring entrepreneurs a pathway to impactful innovation.

Discover 20+ big opportunities pinpointed by top Canadian minds, spread across six fast-growing industries. Each challenge is an invitation to create and innovate—leading the way to the future.

We hope it will serve as a roadmap for aspiring founders ready to build tomorrow's solutions today.

5 min read
Invest in women: fast-track progress

Making progress a certainty—our north star goal at Antler—can’t happen if driven and visionary people aren’t firing at all cylinders with the support they need to tackle the pressing problems of our time. We’re marking International Women’s Day by asking women founders and team members in Antler’s global community why women are essential to progress.

5 min read
How to secure venture capital as an underrepresented founder

There is growing recognition that diverse founders and diverse teams generate more innovative solutions, ultimately building stronger businesses in the long run. Read Antler in the UK portfolio director Sarah Finegan's recent article in Startups Magazine, offering 10 tips on securing venture capital as an underrepresented founder.

5 min read
From day zero to greatness: Magnus Grimeland on the Capital Allocators podcast

How can the world tackle the increasingly complex problems of our time? With a new global infrastructure backing the most driven founders. Listen to Antler founder and CEO Magnus Grimeland discuss this—and why we're building Antler—on the Capital Allocators podcast.

5 min read
Antler expands into Queensland, Australia

Antler is charting a new course for innovation by expanding our presence in Australia. We are launching in Queensland and partnering with the Queensland Investment Corporation (QIC).

Supported by the Queensland Government's Queensland Venture Capital Development Fund (QVCDF), the partnership is poised to transform the state's innovation sector. With a focus on bridging the early-stage funding gap, Antler and QIC are committed to attracting and nurturing the nation's top talent, driving forward Queensland's position on the global innovation stage.

5 min read
Bridging startups and industry leaders to drive purposeful innovation

As Jeff Bezos once said: “What’s dangerous is to not evolve.” While most business leaders understand that stagnation is fatal, for a host of reasons established companies often struggle to innovate—purposefully and powerfully.

Antler’s Business Development and Collaborations Group helps global corporates drive innovation excellence through high value-generating collaborations with Antler’s 1,000+ (and growing) global startup portfolio. In our collaboration with Investa, a leading Australian real estate investment manager and developer, we are connecting them to our global community of founders and the cutting-edge solutions they are building.

Read more about the powerful outcomes that happen when ambitious startups and industry leaders come together.

5 min read
The next wave of innovation: 27 industry trends set to define 2024

What will innovation look like as we move deeper into 2024? What are the biggest industry trends that will define the coming year?

We asked our global network of Antler Operators—founders, sector leaders, CxOs, and VPs from companies including Roblox, Airtable, Shopify, Spotify, Affirm, DoorDash, Uber, Hubspot, and more, who offer 1:1 advice to Antler portfolio companies, giving them extra firepower to help fast-track their growth.

5 min read
Antler leads $5.1M pre-seed funding for 37 startups across Southeast Asia

This marks the highest number of pre-seed deals completed in a single round in the region.