wordpress blog stats
Connect with us

Hi, what are you looking for?

Coverfox raises $15M from Transamerica & existing investors

 

Online insurance company Coverfox has raised $15 million (about Rs 96 crore) in a Series C round of funding from US-based insurer Transamerica, with participation from existing investors, reports The Economic Times.

In April 2015, Coverfox had raised $12 million in its second round of funding from Accel US, and existing investors Accel India and SAIF Partners, who had previously invested $2 million in a series A round of funding in the platform. A few months later, in September 2015, Coverfox had received an undisclosed amount in funding from Narayan Murthy’s private investment firm Catamaran.

Coverfox provides a platform for users to search, compare, buy and manage insurance, including car insurance, bike insurance, health insurance, travel insurance and term life insurance.

Interestingly, Coverfox co-founder Varun Dua, who has since moved on from the company, has founded the digital general insurance company Acko General Insurance. Last month, Acko raised seed funding worth $30 million from Catamaran, Accel, SAIF Partners and others.

Advertisement. Scroll to continue reading.

Uber partnership: Uber partnered with Coverfox, to provide car insurance for its drivers under the UberCLUB driver rewards program, in December last year. As per the partnership, Coverfox will provide car insurance through premium rates and (unnamed) value added services in Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Pune, Ahmedabad, Chennai, Kochi, Guwahati and Coimbatore.

Competition

– CarDekho’s parent Girnar Soft has received a licence from the Insurance Regulatory and Development Authority (IRDA) to launch an auto insurance vertical, in April this year. The vertical named as ‘Girnar Insurance Brokers’ will provide insurance buying, locate cashless services garages, settle claims and offer documentation to car owners.

– In February this year, Times Internet launched ETinsure.com, an online insurance platform, starting with car and two wheeler insurance from seven companies.

– Insurance policy aggregator Easypolicy had raised Rs 15 crore in a round of funding led by Unilazer Ventures, in January last year.

– Coverfox also competes with PolicyBazaar and BankBazaar.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ