Coverfox, an online insurance distribution platform backed by $14 Million in two consequent funding rounds, has nabbed fresh investment from Infosys co-founder N.R. Narayan Murthy’s private investment firm Catamaran Ventures.
With fresh capital infusion, Coverfox is looking to further strengthen and grow its online insurance comparison and sales business. The startup provides rich comparison of plans from top insurance companies, recommendations from experts and a seamless user experience to buy insurance policies on its portal.
This funding received by Glitterbug Technologies, which powers Coverfox , is in addition to the earlier rounds made by Accel US, Accel India and SAIF partners. These include a round of US$ 2 million by Accel India and SAIF Partners and a second one of US$12 million with the two along with Accel US.
Coverfox, an online insurance comparison platform, has developed proprietary technology based comparison and sales platform, insurance domain expertise and after sales support and claims services to make it a preferred destination for customers to buy and manage insurance policies.
Varun Dua, CEO & Co-founder of Coverfox said in a statement,
Coverfox’s mission is to spearhead a change and make the online process straightforward, simple, quick and transparent for everyone. Our focus on our customers and technology led innovative approach is geared towards enabling our consumers with best-fit choices, information that is easy to comprehend and a safe buying experience.
The startup has indeed got some impressive growth numbers. It claims to have witnessed of 500 per cent since its inception. Across the insurance categories of car, bike, health, travel and home insurance that it currently offers, Coverfox is registering an overall growth of 40-50 percent month on month with exciting contribution from the auto segment.
The portal’s aim for the next six months is to be the largest online auto insurance provider. Coverfox also expects its website traffic to double by the end of the year and reach 1 million visitors per month.
India’s Online insurance providing and comparison sector has seen a surge in growth lately. Another similar startup, PolicyBazaar, secured an astounding $40 Million round led by PremjiInvest and other investors. That round brought PolicyBazaar’s total funding to a staggering $69 Million till date.
