Coverfox operates an online insurance broking portal that aggregates and sells insurance products. The firm was founded in 2013 and is Mumbai-based. It is backed by investors including Accel, SAIF Partners, Catamaran Ventures, Transamerica, IFC and Aegon. In the financial year 2018-19 the company’s losses widened even as operating revenues more than doubled for the year ended March 2018. Leadership changes include interim CEO Sanjib Kumar Jha taking over from Premanshu Singh. Coverfox has engaged in strategic discussions with potential acquirers in the past (including talks with Paytm that did not materialise). Coverfox is a digital insurance aggregator based in Mumbai that works with about 35 partners to offer 150+ insurance packages spanning health, car, bike, life and travel. Founded in 2013, the company provides an online platform and a Coverdrive Android app that equips largely offline insurance sales staff with digital-first materials. Coverdrive accounts for around one-quarter of Coverfox sales and helps the company reach long-tail customers without upfront investment. Coverfox reported four-fold revenue growth over the past year, though it did not disclose specific revenue figures. The company plans to use new capital to expand into India’s tier-two and tier-three cities, where insurance coverage is materially lower than in urban areas, and to roll out its own staff and list additional related policies. Coverfox is not yet pursuing international expansion despite inbound interest and has not decided on a model for overseas growth. Coverfox is an online insurance broker that enables users to compare and purchase motor, life and health insurance through a proprietary, algorithm-based platform integrated with more than 30 insurers and offering over 100 policies. The company operates an agent-facing app called Coverdrive to distribute policies through its network of insurance agents to point-of-sales people, and it plans to use new funding to ramp up its B2B2C segment. Operated by Glitterbug Technologies, Coverfox was founded in 2013 and is based in Mumbai. For FY2016-17 gross revenue rose to Rs 6.12 crore from Rs 2.64 crore the prior year, while net loss narrowed to Rs 31.85 crore as total expenses were controlled. Coverfox has previously raised capital from venture and strategic investors and completed a Series C in May that secured nearly Rs 49 crore ($7.6M) in two tranches. Management changed after co-founder Varun Dua left in 2016; Premanshu Singh was appointed CEO in April. Coverfox is an online insurance brokerage primarily focused on the bike and automobile segments. The firm claims those verticals account for roughly 50% of its overall revenue. For FY2016-17 the company reported premiums of approximately Rs 140–150 crore. Coverfox is owned by Glitterbug Technologies and is Mumbai-based. The fresh funding is intended to support its planned entry into the life insurance segment. It competes with platforms such as PolicyBazaar, Turtlemint, BankBazaar and EasyPolicy. The article also notes a broader Indian fintech market projection cited by the company. Coverfox is a Mumbai-based online insurance distribution and comparison platform. It operates an online insurance comparison and sales business. Narayan Murthy-led Catamaran Ventures has invested an undisclosed amount in Coverfox. Coverfox said it will use the investment to further strengthen and grow its online insurance comparison and sales business. The company intends to take on larger rival PolicyBazaar, which is backed by Azim Premji. The article does not disclose deal terms, amount, or other participating investors.

Total raised

$61M

Funding rounds

6

Latest round

Equity

Latest activity

Apr 2020