Coverfox, a Mumbai-based online insurance brokerage platform has secured ₹40 crore ($5.89 million) capital infusion from its existing investors, cited Inc42.
According to the sources, the platform has issued Series C5 compulsorily convertible preference shares (CCPS) to investors such as International Finance Corporation, Aegon Digital Investments, Transamerica Ventures, Accel India and SAIF Partners.
Coverfox was founded by Devendra Rane and Varun Dua in 2013. The company offers its users proprietary technology and algorithm-based platform to compare and buy a range of policies across top insurance companies.
It also claims to have integrated with more than 35 insurers and offers more than 150 policies in motor, life and health insurance.
Whereas, the company last raised $22 Mn in a Series C funding round in February 2018.
The startup earlier claimed that it settles 150 to 200 claims a month and has sold around 120,000 policies till last year.
According to the IBEF, insurance penetration in India is as low as 4%. The central government had increased the Foreign Direct Investment (FDI) limit in the insurance sector from 26% to 49% under the automatic route, which will further help attract investments in the sector.