StageSeries C - III | Alive
Last Raised$5.89M | 4 yrs ago
Coverfox provides a smarter way for people to buy and manage their insurance. It offers products online for Indian customers across categories like Health, Car, Life, Travel, and Home Insurance, featuring top insurance brands in India.
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Coverfox's Products & Differentiators
Coverfox Mobile App
One stop shop for managing as well as buying insurance.
Expert Collections containing Coverfox
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Coverfox is included in 3 Expert Collections, including Insurtech.
Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience
Health Plans & Benefits Management
Companies developing or offering digital platforms and services, including online insurance marketplaces, data analytics for claims adjustment, benefits administration, and payments systems, that help make private health insurance more affordable, navigable, or transparent.
Latest Coverfox News
Dec 22, 2022
Coverfox receives Rs 30 Cr from parent Glitterbug Technologies According to the valuation report filed by the company on January 16, Coverfox values its equity at Rs 1733.3 crore. Digital insurance aggregator Coverfox has received Rs 30 crore as a fresh infusion from parent Glitterbug Technologies. The proceeds would be likely to streamline the functioning at the company that has been going through a rugged patch in the past couple of months. Coverfox board has recently appointed Sanjib Kumar Jha, co-founder of private equity firm Avaana Capital, as the interim chief executive officer last month. The company’s new CEO Jha is the co-founder of private equity fund Avana Capital which is an existing investor at Coverfox. It will be interesting to see how he leverages his experience to turn around the company. According to regulatory filings, it has approved a private placement offer dated March 13 to approve allotment of 15,864 equity shares at a share price of Rs 18,910.8 across five tranches. However, Devendra Rane, co-founder and CTO and its CEO Premanshu Singh had resigned from the company in February. According to the valuation report filed by the company on January 16, Coverfox values its equity at Rs 1733.3 crore. Coverfox had been the second-largest player in insurance aggregation space. Despite raising $47 million in risk capital from investors including SAIF, Accel and Transamerica and Catamaran, it has been left far behind when compared to its deep-pocketed rival PolicyBazaar. Newbies like Turtlemint also grew quickly and grabbed more market share, leaving Coverfox trailing. Over the past six-eight months, Coverfox has been looking for a possible acquisition. However, its talks with Paytm, Policybazaar and others didn’t move for some reason. Share this article:
Coverfox Frequently Asked Questions (FAQ)
When was Coverfox founded?
Coverfox was founded in 2013.
Where is Coverfox's headquarters?
Coverfox's headquarters is located at Unit B2-601, Boomerang, Chandivali Farm Road, Mumbai.
What is Coverfox's latest funding round?
Coverfox's latest funding round is Series C - III.
How much did Coverfox raise?
Coverfox raised a total of $49.49M.
Who are the investors of Coverfox?
Investors of Coverfox include Accel, Elevation Capital, Transamerica, Aegon, International Finance Corporation and 4 more.
Who are Coverfox's competitors?
Competitors of Coverfox include InsuranceDekho and 6 more.
What products does Coverfox offer?
Coverfox's products include Coverfox Mobile App and 2 more.
Compare Coverfox to Competitors
PolicyBazaar helps users compare financial products like life and general insurance, loans, and credit cards. To enable easy and sensible comparison, the company has partnered with financial institutions disbursing loans and selling insurance in India. PolicyBazaar helps users get free insurance quotes, and users can compare plans based on multiple features.
Easypolicy is an online insurance policy aggregator that offers consumers life and non-life insurance policies across several categories.
Turtlemint is an online insurance seller that offers motorcycle insurance from various providers, allowing users to compare different plans. It was founded in 2015 and is based in Thane, India.
InsuranceDekho provides an insurance comparison platform. Its platform helps users compare motor vehicle and health insurance plans online. The company was founded in 2017 and is based in Gurugram, India.
PolicyGenius is an online insurance platform. Through its highly tailored Insurance Checkup, users can discover their coverage gaps and read about solutions for their exact needs. The company provides a place to shop online for life, long-term disability, renters, and pet insurance through its highly accurate quoting engines that offer side-by-side comparisons of tailored policies.
Acko General Insurance is a digital insurance company that provides a variety of insurance policies ranging from car insurance to two-wheeler insurance (scooters, motorcycles) to mobile phone insurance to Ola Insurance. Ola Insurance is passenger insurance for Ola's ride-hailing service and covers items like minor accidents involving riders as well as insurance against missing flights due to traffic delays. The insurance claim system is built into the Ola app, per Acko, to simplify the process for users.
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