Mumbai-based online insurance brokerage platform, Coverfox has raised ₹96 Crore ($15 Million). As per the reports, the round was led by US insurer Transamerica, along with participation from some of the existing investors. The company is managed by Glibberbug Technologies. Initially, it was started as a venture to create technology for insurance firms, however, after few years the company started its operation of selling insurance online under the brand name Coverfox.
The last round has raised the valuation of Coverfox and now the company is worth around ₹640 Crore ($100 Million). Coverfox’s existing investors include SAIF Partners, Accel India and Catamaran Ventures and the family office of Infosys co-founder, NR Narayana Murthy.
The current market of Indian fintech is standing at ₹7000 Crore ($1.2 Billion) and it is expected that it’ll touch ₹15k Crore ($2.4 Billion) by 2020. Recently in February, Times Internet launched an online insurance distribution platform ETInsure, to provide an insurance policy for needful customers at the affordable rates and conditions will be stated on their official website. There are many players trying to score more in the same match and they are as follows, Easypolicy, PolicyBazaar, Turtlemint, and BankBazaar.