India-based Coverfox has reportedly raised Rs 96 crore ($15 million) during its latest Series C Funding Round, which was led by U.S. insurer Transamerica with participation from existing investors.
Founded in 2013 byVarun Dua and Devendra Rane, Coverfox reportedly offers products online for Indian customers across various categories, including health, car, life, travel, and home insurance. Coverfox claims that all the top insurance brands in India currently offer their products on its platform. Economic Times revealed that the latest Series C round values Coverfox between $70 million and $100 million.
“We exist because buying insurance is currently confusing and painful. It should be easy to understand what is covered in your policy. It should be easy to compare features and pick the right policy. And it should be really easy to buy a policy online. We are here to make it happen. We shy away from spam, false promises, pushy sales practices. Instead, we invest in Simplified design, kick-ass technology, and a helpful advisory team. We make buying from Coverfox simpler, faster, and the smartest way to get insured.”
The current list of investors reportedly includes SAIF Partners, Accel India, and Catamaran Ventures, the family office of Infosys co-founder, NR Narayana Murthy. Dua previously invested in Indian fintech startup, Capzest, during its seed funding round.