Mumbai-based insurance startup Coverfox has raised $15 million in its Series C round of funding. The round was led by the U.S. based insurer Transamerica along with the existing investors Accel US, Accel India and SAIF Partners, who had previously invested $12 million in Series B round. Post series A funding, the company had also received an undisclosed amount from Narayan Murthy’s private investment firm Catamaran.
Coverfox.com, which is owned by Glibberbug Technologies, was founded by IIT-Bombay alumni Devendra Rane and Varun Dua in 2012. Initially, they started as a venture to build technology for insurance firms and later they pivoted their business model to sell insurance online under brand name Coverfox.
At present, Coverfox provides an online platform for users to search, compare, buy and manage insurance. The insurance services include car insurance, bike insurance, health insurance, travel insurance and term life insurance.
The company has not released any statement about the latest round of funding. According to the email response to the Inc 42, Devendra Rane, Founder & Chief Technology that the company is only in talks to raise funding. “It is premature to talk about it conclusively at this stage. Once confirmed, we will be making a formal announcement.”
The round is not yet closed and the company is reportedly in talks with Fosun Kinzon Capital, the venture capital unit of Chinese conglomerate Fosun International for an extension of this round.
The insurance sector has emerged in the last couple of years. Including Coverfox, there are other players such as Easypolicy, PolicyBazaar and BankBazaar among others.
Just to recall, Coverfox co-founder Varun Dua has moved on for his newly started venture Acko General Insurance. Last month, Acko raised seed funding worth $30 million from Catamaran, Accel, SAIF Partners and others.