IFC co-leads $22m Series C for India's Coverfox

The other leader of the round was US-based insurance firm Transamerica, an existing investor in Coverfox, according to media reports linked from Coverfox’s Twitter feed. Additional participants included SAIF Partners and Accel Partners – both of which joined Coverfox’s 2014 Series A round and 2015 Series B round – alongside Catamaran Ventures.

The new round brings Coverfox’s total capital raised to $39 million and values the company at $110 million. Coverfox will use the fresh capital to grow its presence in rural areas; add products targeting the needs of customers in these regions, particularly women; and grow its product and technology teams, boosting its overall headcount from 250 to 300.

Founded in 2013, Coverfox operates a digital platform that aggregates insurance packages offered by 35 partners, covering health, car, bike, life and travel insurance policies. Car and bike insurance account for the majority of its business, comprising 85% of the policies issued to date. The platform also handles insurance claims and settlements, and claims to process 400 claims per month.

Coverfox competes with several other VC-backed start-ups in the online insurance space, including Acko General Insurance, which was launched by Coverfox co-founder Varun Dua in 2016 and is also backed by SAIF, Accel and Catamaran. Another prominent competitor is financial services portal Policybazaar, which also offers insurance products and whose investors include True North, IDG Venture Partners and Temasek Holdings.

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• Topics
• South Asia
• Financials
• Expansion
• Technology
• Consumer
• India
• Financial Services
• insurance
• TMT
• SAIF Partners
• Accel Partners
• IFC