Insurtech Startup Covrzy Secures Broking License From IRDAI

* Gears Up to Transform Business Insurance for Indian MSMEs and Startups

* Obtaining the broking license from IRDAI will significantly bolster Covrzy’s credibility

*  Catering to the underpenetrated business insurance market in India, Covrzy’s full-stack platform enables end-to-end management of the entire insurance cycle

*  The startup is working towards making the business insurance buying journey for startups and SMEs in India seamless and hassle-free

Bengaluru-based Bizcovr Insurance Broking Private Limited, operating under the brand name Covrzy, has been granted a direct broking (general) license by Insurance Regulatory and Development Authority of India (IRDAI) – the nation’s insurance sector regulator under Ministry of Finance, Government of India. This enables Covrzy to operate as a direct insurance broker in India, offering a full spectrum of business insurance solutions, while also parallelly enhancing the startup’s credibility.

Covrzy, a fast-growing insurtech startup, is dedicated to providing a seamless, customer-friendly insurance buying journey, particularly for startups and SMEs/MSMEs in India. Addressing the country’s under-penetrated business insurance market, Covrzy’s comprehensive platform – which is currently web-based – helps its users in managing their entire insurance cycle, from product discovery to purchase, servicing, and claims.

Speaking about the milestone, Ankit Kamra, Co-founder & CEO of Covrzy commented, “We are thrilled to receive the broking license from IRDAI – which serves as a testimony to Covrzy’s pioneering innovation and dedication towards revolutionizing the business insurance landscape in India. This significant compliance milestone enables us to serve and establish our credibility amongst a larger customer base and expand rapidly, thus propelling our mission to make business insurance simple, personalized, and accessible to millions of SMEs and MSMEs across India ''.

Cofounded in 2023 by Ankit Kamra and Veera Thota through Antler’s Residency Program, Covrzy has already attracted significant venture capital. In May last year, they raised pre-seed funding of $400K in a round led by Antler, with participation from Shastra VC (formerly Veda VC).Ankit Kamra, is a 2X founder. Before co-founding Covrzy, he was a founding member and head of partnerships at Plum (Healthtech Startup). He has also led the 0-to-1 journey of building Karbon Card (YC-backed) as an operator. Veera Thota (CTO) has 13+ years at Razorpay, PayPal and Amazon where he built scalable systems and public-facing APIs.

“At the moment, only around 1% of Indian MSMEs are insured. With our flagship full-stack platform, we at Covrzy are poised to transform this scenario for the better, as we move ahead to accelerate and enhance insurance penetration within the segment and support these vital business ventures that form the backbone of our economy. In the long term, all of our efforts would be directed towards protecting the health and life of these businesses in the easiest possible manner, allowing the business owners to focus on growth rather than worrying about inherent risks”, adds Ankit Kamra.

Covrzy is well-positioned to solve India's massive underinsurance problem for SMEs by offering simple, affordable and flexible business insurance solutions. Through its digital-first approach, Covrzy empowers SMEs with tailored insurance and claims support, democratizing insurance distribution in India.

Till date, Covrzy has on-boarded over 500 clients pan-India, including both MSMEs and startups, with Redcliffe Labs, Orange Labs, Karboncard, and Schbang being some of their prominent clients. The startup has also collaborated with various renowned insurer partners like ICICI Lombard, Bajaj Allainz, IFFCO Tokio, etc., in a bid to offer a wide array of insurance products such as commercial general liability, fire & theft insurance, product liability, cyber insurance, stock insurance, asset insurance, among others. Currently, the company is on track to onboard and help 10,000+ customers with their business insurance requirements during the upcoming 12 to 18 months. Whereas over the next few years, the company aims to secure over one million businesses through Covrzy.

About Covrzy

Covrzy is an insurtech startup revolutionizing the way Indians buy business insurance. The company is building a digitally-native insurance business that revolutionizes the process of purchasing and servicing business insurance by transforming every step of the customer value chain to attract first-time business insurance buyers. In just a year since its inception, Covrzy has helped 500+ businesses with understanding of right business insurance.

About Covrzy Founders: Ankit Kamra (CEO) scaled Plum as a founding member and head of partnerships. He also led the 0-to-1 journey of building Karbon Card (YC backed) as an operator. Veera Thota (CTO) has 13+ years at Razorpay, PayPal and Amazon where he built scalable systems and public-facing APIs.

Website: https://www.covrzy.com/

Reliance General Insurance Launches "Insurance Awareness Program" In Kadabagere

In a significant move to support the Insurance Regulatory and Development Authority of India's (IRDAI) Vision 2047 - ‘Insurance for All,’ Reliance General Insurance is proud to announce its collaboration with Maruti Suzuki Insurance Broking for launching an Insurance Awareness Program in Kadabagere, which includes a comprehensive health and vehicle check-up camp.

This collaborative initiative underscores our unwavering commitment to enhancing insurance awareness and accessibility in rural areas. By bringing essential health services and vehicle safety checks directly to the community, we are addressing critical needs and promoting both safety and well-being.

The Insurance Awareness Program aims to educate the residents of rural regions about the various insurance products available, the importance of being insured, and how insurance can provide financial security. The health and vehicle check-up camp will offer free health screenings and vehicle safety inspections, ensuring the well-being of the community and the safety of their vehicles.

Maruti Suzuki Insurance Broking has been a pivotal partner in this initiative, providing expertise and support to make this program a success.

ESDS Software In Association With United We Stand Foundation Leads The Way In Conservation With Tree Plantation Drive In Nashik

ESDS Software Solution Limited, a sovereign cloud services company and United We Stand Foundation, recently organized a mega tree plantation campaign at Sandip University, Nashik. Over 2000+ Trees were planted as part of ESDS's ambitious plan to plant over 1 billion trees, symbolizing their commitment to environmental sustainability. Themed "Nashikkar, Your Home Needs a Tree, Join the Mass Movement to #reGREENNASHIK," this initiative was a collaboration between ESDS, and United We Stand Foundation, aiming to engage the entire Nashik community in rejuvenating the city's green spaces.

The drive was inaugurated by?Mr. Piyush Somani, Founder, CMD, CEO – of ESDS Software Solution Ltd, with?Mrs. Komal Somani, WTD, CHRO – ESDS Software Solution, by planting a sapling at Sandip University, Nashik, followed by Dr. Rajendra Sinha, (Vice Chancellor Sandip University), Mr. Sagar Matale (Founder and President United We Stand Foundation), Mr. Prafull B Sawant. (Brand Ambassador Nashik Municipal Corporation), 7 Maharashtra Battalion NCC Nashik, Mr. Amit Kulkarni (Nisarga Yuva Manch Maharashtra), Mr. Ankush Chavan (Vice President United We Stand Foundation), Mr. Sachin Devare (Garden Inspector Nashik), Mr. Bipin Shewale (PI Trimbakeshwar) Mr. Shahaji Shah (Hirvankur Foundation) Mahendra Nikum (RFO Samajik Vanikaran Keshtra Nashik), Mr. Tejas Talware (Nashik Ploggers), Mrs. Asha Suvarna(The Gateway Hotel Taj Nashik), Mrs. Agastya Munim (Rotary Club of Nashik North), Dnyaneshwar Dhamne (Nashik Smart City), Adesh Karpe (Karmayogi Career Academy), Akhula Bhamare (Umeed Foundation), Mr. Dharmesh Panchal (United Rockers), Miss Gauri Bhamare (Royal Enfield United).

"We are immensely proud to launch the 'Nashikkar, Your Home Needs a Tree, Join the Mass Movement to #RegreenNashik' initiative with the United we Stand Foundation. This mega plantation drive is a crucial step towards combating the rising temperatures and environmental degradation in our beloved city. By engaging the entire Nashik community, we aim to create a greener, healthier, and more sustainable future for generations to come. I urge everyone to join us in this mass movement and take an active role in regreening Nashik. Together, we can make a significant impact and ensure a better environment for all, “said Mr. Piyush Somani – Founder, ESDS Software Solution Limited.

Over 750+ volunteers participated in a well-organized campaign, demonstrating a collective solid commitment to environmental conservation. This impressive turnout included employees of ESDS Software Solution, all the members of the United We Stand Foundation, NCC cadets, 20 NGOs, government officials, and various other individuals from Nashik City. The diverse group came together with a shared goal of making a positive impact on the environment. Their collaborative efforts exemplified the power of community engagement in promoting sustainability and set a commendable example for future initiatives. The initial stage of this plantation drive received colossal success, and the subsequent drive will be organized in August. 

Commenting on this occasion, Mrs. Komal Somani, CHRO, ESDS Software Solution Limited, stated?"Once, when I was having a conversation with my son Priyansh, I asked him, ‘What gift would you want from us when we grow old?’ his reply amazed me; he said, 'The only thing I want from you or your generation is a world where we can breathe, live, and be happy.' Priyansh's words remind us that we all have a significant role to play in protecting our environment. Let’s go beyond awareness and take actions to provide a sustainable future for generation to come. The onus of parallelly developing green covers across geographies lies not only with an individual or the government but also with responsible corporates like ESDS. I am happy to be a part of such an initiative where the employees have come together as a family and contributed to the core principles of sustainability by pledging to plant 1B+ tress for the larger good of the community and coming generations.” 

Speaking on the occasion, Mr. Rajendra Sinha, Vice Chancellor Sandip University, “I am honoured to be here and proud to have contributed our property to this wonderful initiative by United We Stand Foundation and ESDS Software Solution Ltd. We are committed to making our surroundings beautiful and green and hope to receive ongoing support from ESDS for these efforts in the future.” 

Commenting on the occasion, Mr. Sagar Matale, Founder and President of United We Stand Foundation, expressed heartfelt gratitude towards all participants: "I extend my sincere thanks to everyone who joined us today, including the dedicated NCC cadets, representatives from all NGOs, government officials, and the enthusiastic individuals from Nashik city. Your presence and active involvement have made this tree plantation drive successful."

He continued, "As the Founder of United We Stand Foundation, it fills me with immense pride to witness such collective efforts towards securing a sustainable future for generations to come. Our foundation will always remain committed to nurturing green spaces and fostering environmental consciousness, United We Stand Foundation will always be in the forefront for social activities that will create an impact for the betterment of the society.

ESDS ardently endeavours to play a pivotal role in fostering a sustainable and ecologically enriched future. Our commitment is demonstrated in the past through our tireless efforts to transform Ramshej, a barren land in Nashik, into a thriving ecosystem. With the collective efforts of ESDSians, we have successfully planted approximately 300,000 trees and distributed seeds, covering a plantation area of 68,710 square meters. This remarkable achievement stands as a testament to our dedication to environmental conservation and our vision of creating a greener planet for future generations. 

About ESDS: ESDS Software is India’s leading cloud service and end-to-end multi-cloud requirements provider, with a presence across the APAC region, Europe, the Middle East, the Americas, and Africa. It offers cloud computing Infrastructure as a Service (IaaS), Software as a Service (SaaS), and managed services. The company operates on an asset-light model and offers products across diversified industries, including government ministries & companies and corporate entities across sectors such as BFSI, manufacturing, IT and ITES, telecom, real estate, pharmaceuticals, retail, and education. The company operates its business through three data centers in India, one each in Navi Mumbai, Nashik, and Bengaluru, covering over 50,000 sq ft. ESDS is an innovation-driven company and is one of the few data center and cloud services providers with its own R&D team comprising 177 members. The team has indigenously developed several products that complement the data center and cloud business, such as eNlight Cloud, eMagic, eCos, eNlight WAF, eNlight IoT, eNlight DRM, eNlight Meet, and eNlight SIEM. The company is committed to innovation and focuses on creating more niche and cost-effective technology products and solutions. ESDS Software is the market leader in hosting government cloud applications and has the largest number of banking customers in India. For more details, visit: www.esds.co.in

IN-SPACe Leads Indian Delegation To The 17th Australian Space Forum, Extending International Collaboration

The Indian National Space Promotion and Authorization Centre (IN-SPACe) led a delegation of Indian space startups to the 17th Australian Space Forum in Adelaide on 24th and 25th July. During the two-day event, the delegation highlighted India's growing prowess in space technology and strengthening international collaboration.

The delegation, led by Dr. Vinod Kumar, Director Promotion, IN-SPACe, and Mr. Shashank Saxena Deputy Director IN-SPACe, included participants from Indian companies such as Agnikul Cosmos, TakeMe2Space, Dhruva Space, Bellatrix Aerospace, XDLINX Space, mistEO OrbitAid Aerospace and Skyroot Aerospace. During the visit, cutting-edge space projects, products, and services were showcased sparking numerous business-to-business meetings and discussions with Australian counterparts.

Notably, two significant Memorandums of Understanding (MoUs) were signed during the forum. The First MoU between HEX20, an Australian Satellite Platform company and OrbitAid, an Indian company specializing in developing satellite life extension solutions. OrbitAID and HEX 20 will collaborate for in-orbit refuelling technology demonstration.

The second MoU was signed between HEX20 and TakeMe2Space, an Indian Startup building AI-first compute & storage satellite infrastructure. TakeMe2Space and Hex20 will collaborate at the intersection of education, space, and AI. As part of the agreement, HEX20 will use TakeMe2Space AI modules and subsystems in their flatsat. TakeMe2Space will give access to its OrbitLab platform for researchers and students to test and run their models on an actual satellite in real-time.

Both the MoUs were signed in the presence of Dr. Vinod Kumar, Director Promotion, IN-SPACe and Mr. Enrico Palermo, Head of Australian Space Agency.

“The Australian Space Forum provided an invaluable platform for Indian space startups to showcase their capabilities and explore potential collaborations with Australian partners. These MoUs represent a significant step towards strengthening ties between our two nations in the space sector." said Dr. Vinod Kumar, Director Promotion, IN-SPACe.

About IN-SPACe:                                                                        

Indian National Space Promotion and Authorization Centre (IN-SPACe) is an autonomous nodal agency under Department of Space, Government of India formed on 24 June 2020 to promote, enable, authorize and supervise non-government entities (NGE) to undertake space activities. These activities include manufacturing of launch vehicles and satellites, providing space-based services, establishing a ground station, sharing of space infrastructure & facilities; and establishing new facilities under DOS.

IN-SPACe is currently functioning with three directorates viz., Promotion Directorate (PD), Technical Directorate (TD) and Program Management and Authorization Directorate (PMAD) and Legal, Finance and Administration Wing with its headquarters at Ahmedabad.  

Yakult Danone India Expands Its Product Portfolio By Introducing “Yakult Light Mango” Flavour

* Adding a refreshing twist to its probiotic beverage portfolio

Yakult Danone India Pvt Ltd, a globally renowned probiotic brand, has announced that it is expanding its product portfolio by introducing a new variant – “Yakult Light Mango” Flavour. The launch event was graced by Bollywood star Sanya Malhotra, Mr Takashi Ariyoshi, Minister and Deputy Chief of Mission of the Embassy of Japan in India, Mr Eiji Amano, Managing Director of Yakult Danone India Pvt Ltd, and Dr Neerja Hajela, Head – Science and Regulatory Affairs of Yakult Danone India Pvt Ltd.

Yakult Light Mango Flavour is a sister product of the signature Yakult. The new product contains the same unique probiotic, Lactobacillus casei Shirota (SHIROTA strain), in the same amount of 650 crores as the original and flagship Yakult. The original probiotic drink was invented by a Japanese medical doctor called Dr Minoru Shirota and designed to take in the human-friendly bacterium that had the ability to reach the gut alive and impart tremendous health benefits. Saddened by the death of children caused by infections due to inadequate hygiene and poverty in Japan in the early 1900s, he emphasised on preventing diseases with the power of probiotics rather than curing diseases and infections after they occur. He embodied his ideal by launching SHIROTA strain as a food in the market so that as many people as possible could get the benefit of the probiotic bacterium while enjoying the delicious taste. Through more than 90 years of research, SHIROTA strain has been scientifically proven to help improve digestion and build immunity when consumed regularly. Based on Dr Shirota’s philosophy, the Yakult company in India came to launch Yakult Light Mango Flavour, a national-favourite-fruit-taste product, to contribute to the health of more people in India.

The retail price of Yakult Light Mango Flavour is Rs. 100/—for a pack of 5 bottles, which will be available at retail outlets in 28 states and 5 union territories from 25th July 2024 onwards. Also, Yakult has a unique home delivery sales channel, where nearly 300 ‘Yakult Ladies’ deliver the products to the customers' doorstep in Delhi NCR, Chandigarh, Jaipur, Mumbai, and Pune. Yakult products, including Yakult Light Mango Flavour, are also available through e-commerce.

Speaking about the launch of Yakult Light Mango Flavour, Mr Eiji Amano, Managing Director, Yakult Danone India Pvt Ltd, said, “At Yakult, our core philosophy is to enhance the gut health of consumers worldwide using our unique probiotic strain “Lactobacillus casei SHIROTA strain”. With over 2 lakh bottles of Yakult consumed daily in India, we have become a household name, enjoyed by many families as part of their daily routine. With the launch of Yakult Light Mango Flavour, we are expanding our product portfolio to cater to the tastes and preferences of Indian consumers. This new variant maintains the same health benefits as our classic Yakult while introducing a delightful mango flavour that is widely loved. We believe this addition will appeal to our consumers who relish mango taste.”

Taking centre stage at the launch, Bollywood actress Sanya Malhotra said, “I am super excited to be a part of this exciting launch. There is great concern about the increasing rise in lifestyle disorders due to erratic lifestyles, poor nutrition, stress, lack of adequate sleep, pollution and generally poor gut health. I take my daily dose of probiotics to keep my gut healthy, and Yakult has been an integral part of my diet for a long time now. Today, I am pleased that the company has introduced Yakult Light Mango Flavour, which tastes delicious and refreshing. I am sure it will be a favourite among all mango and Yakult lovers.”

Dr Neerja Hajela, Head - Science and Regulatory Affairs, Yakult Danone India Pvt Ltd, added that Lactobacillus casei strain Shirota (SHIROTA strain) is unique to Yakult, and is backed by more than 100 human studies conducted across the globe, including India. Probiotics are essential as they increase the good bacteria in the gut and reduce the harmful disease-causing bacteria. By doing so, they ensure better digestion of food, proper absorption of nutrients and stronger immunity to reduce the risk of infections. A decrease in probiotic bacteria in the gut, coupled with poor lifestyle, can lead to poor gut health and weak immunity, manifesting as fatigue, poor growth and development, malnutrition and repeated infections. To keep the gut healthy, it is essential to introduce probiotics into the daily diet through scientifically validated probiotic products.

Photo Caption: Bollywood Actress Sanya Malhotra, Mr. Takashi Ariyoshi, Minister and Deputy Chief of Mission of Embassy of Japan in India and Mr. Eiji Amano, Managing Director of Yakult Danone India Pvt Ltd at the launch of Yakult Light Mango flavour.

Blue Dart Announces 'Rakhi Express Offers’ On Domestic And International Shipments

Blue Dart Express Limited, South Asia's premier express air, integrated transportation, and distribution logistics company, is delighted to announce its annual “Rakhi Express” offer, celebrating the special bond between siblings, this festive season. Customers can enjoy an all-inclusive discounted price of Rs. 250/- for Rakhi shipments up to 0.5 kg for their loved ones. Additionally, there is a flat 40% discount on domestic shipments across India for packages weighing 0.5 kg to 2.5 kg, and up to 50% off on international shipments for packages weighing 0.5 kg to 2.5 kg, 5 kg, 10 kg, 15 kg, and 20 kg in key markets. This offer is valid until 19th August 2024, with conditions applied.

This offer provides a comprehensive and economical solution for all logistics needs, ensuring Rakhi gifts reach loved ones on time. Adding to the festive cheer, customers sending Rakhi shipments domestically during the offer period stand a chance to win exciting prizes.

As a customer-centric company, Blue Dart has been working on enhancing its products and services, providing added value to its customers during this festive season. With the 'Rakhi Express' offer, customers can spread the joy of the festive season by sending gifts to over 56,000+ locations within India, as well as to 220 countries and territories worldwide. The company employs technology and automation to ensure speed, safety, and reliability in seamless deliveries, enabling it to consistently deliver excellence at every touchpoint.

For service inquiries, customers can contact the Customer Care Number at 1860 233 1234 or email customerservice@bluedart.com. To find the nearest Blue Dart counter,  visit http://www.bluedart.com/ or use the 'My Blue Dart' mobile application, available on the Apple Store and Play Store.

CredAble Partners With Finastra To Provide A Holistic Supply Chain Finance Offering To Banks Globally

* CredAble’s Working Capital Finance Platform, integrated with Finastra Trade Innovation, enables banks to grow their trade and supply chain finance business and deliver enhanced customer experiences

CredAble, a working capital technology platform announced its partnership with Finastra, a global provider of financial software applications and marketplaces, to expand the functionality of Finastra Trade Innovation. CredAble’s feature-rich platform is now integrated with the solution, providing new and existing customers with a comprehensive supply chain finance offering. As a result, banks can increase their revenue growth, accelerate business expansion and customer satisfaction by offering corporates a wider range of financial services within a single platform.

“In today’s tough economic climate, it is more important than ever that corporates optimize their working capital and maintain real-time liquidity for long-term growth,” said Satyam Agrawal, Global Head of Product & MD ASEAN & ME at CredAble. “By combining our AI-powered supply chain finance platform with Finastra’s leading trade finance solution and global reach, we are delivering a holistic, front-to-back trade and supply chain finance offering to more banks worldwide. This enables them to broaden and enhance their operations to facilitate business growth, while ensuring the services they offer continue to meet the demands of corporates today.”

Trade Innovation is a trade services platform that uses straight-through processing, digitalization and data analytics to enable intelligent trade for growth, and to evolve with compliance, customer and competitive demands. CredAble is a working capital platform that enables banks to provide extensive supply chain financing solutions, serve diverse enterprise and small and medium-sized (SME) businesses, and unlock lucrative revenue opportunities. The partnership combines best-of-breed functionality to provide an enhanced, end-to-end offering for trade and supply chain finance.

“To facilitate truly innovative, relevant and open trade finance services, our partner ecosystem plays an important role,” said Anastasia McAlpine, Head of Product for Trade and Supply Chain Finance at Finastra. “By augmenting the functionality of Trade Innovation with CredAble’s feature-rich supply chain finance offering, we are giving our current and future customers access to a wider array of services that allow them to meet the growing needs of their customers. The partnership ensures institutions can continue to innovate at speed, decrease time to value and utilize data for decision-making across the whole of their working capital and supply chain finance portfolio, ultimately supporting increased growth for both their business and that of their customers. It’s another example of how Finastra is harnessing the power of open finance and APIs to build powerful ecosystems that deliver additional value”