Online insurance brokerage startup Coverfox has raised US$22 million in its series C round of funding led by World Bank's investment arm International Finance Corporation (IFC).
The Mumbai-based company's existing investors including life insurance group, Transamerica, venture capital investors SAIF Partners, Accel Partners and Infosys co-founder NR Narayana Murthy’s private investment arm, Catamaran Ventures, also participated in the fundraising exercise. The latest round of the funding values the firm at over $110 million, sources indicated.
Coverfox operates four business verticals-- motor, health, life (largely term plans) and competes with PolicyBazaar, the largest player in the online insurance aggregator space. The four-year-old startup has closed the financing in two tranches wherein it had received about $7 million in November last year, while the rest of the funds are coming in now.
Coverfox will use the fresh investment to expand its geographical coverage across more Tier-2 and Tier-3 cities and specifically address women’s needs.
Founded in 2013 by Devendra Rane, Coverfox has integrated with more than 35 insurers and offers more than 150 policies across motor, life and health insurance. Users can compare, discover, and apply for plans online without the need for paperwork.