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.
– 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.
– 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.