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.

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.

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

Views

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

News

By Anand Venkatanarayanan                         There has been enough commentary about the Indian IT...

News

By Rahul Rai and Shruti Aji Murali The Indian antitrust regulator, the Competition Commission of India (CCI) has a little more than a decade...

News

By Stella Joseph, Prakhil Mishra, and Surabhi Prabhudesai The recent difference of opinions between the Government and Twitter brings to fore the increasing scrutiny...

News

This article is being posted here courtesy of The Wire, where it was originally published on June 17.  By Saksham Singh The St Petersburg paradox,...

You May Also Like

News

Flipkart’s latest round of investment comes at a time when the government’s proposed changes to existing laws seek to tighten the screws around FDI. ...

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