Coverfox raises $22 Mn funding from Transamerica, others.
19th, April 2018 - Startup funding
Coverfox, insurance platform owned by Glitterbug Technologies Pvt. Ltd, has raised $22 Mn Series C Funding. The Fuding round was laid by International Finance Corp. (IFC), the investment arm of the World Bank Group, and existing investor Transamerica. Other investors including SAIF partners, Accel and N.R. Narayana Murthy’s Catamaran Ventures also participated in the current round.
Coverfox utilise the fund to expand the team to geographically cover Tier 2 & 3 cities across India and they are specifically targeted to approach women’s need.
According to the report insurance penetration in rural India is 35% lower than urban areas in India, while women’s insurance coverage is 40% lower than men.
Coverfox aggregates insurance products offered by banking and other financial institutions on its platform. Users can compare, discover, and apply for plans online without the need of burdening paperwork.
Coverfox was founded by Devendra Rane in 2013, has integrated with more than 35 insurers and offers more than 150 policies across motor, life and health insurance.
Apart from offering insurance products, the firm also handles insurance claims and settlements through its platform. Till date, Coverfox has processed 11,000 claims across all three insurance segments it operates in. On an average, it processes 400 claims per month.
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