Coverfox Insurance Broking Pvt Ltd, which owns and operates an online
insurance portal Coverfox.com, has reportedly raised $12 million in Series B
round of funding from its existing investors Accel Partners and SAIF Partners. The Mumbai-based startup uses algorithms to help consumers select insurance products.
According to a Times of India report, the company plans to use the fresh
funds for further enhancing its technology platform, brand building through
mass media advertising, bringing on board new insurance products, and scaling
up its customer assistance unit.
“We believe insurance will see a massive change — from being a
seller’s market to becoming a buyer’s market. More choices, niche products,
rising consumer awareness, among other factors, will create opportunities in
presenting the consumer with choices and a seamless insurance buying
experience,” Varun Dua, Co-Founder & CEO of Coverfox, told the Times
Founded in 2013 by IIT Bombay graduates Devendra Rane and Varun Dua,
Coverfox sells insurance online. It offers health insurance, car insurance,
home insurance and travel insurance. In November 2014, the firm had raised $2
million from Accel and SAIF Partners in a Series A round.