Coverfox.com has raised $ 22 million in a Series C funding. The round is led by IFC, a member of the World Bank Group; Transamerica; and other existing investors. Coverfox had previously raised $ 17 million in Series A and B funding together, from SAIF Partners, Accel and N R Narayana Murthy’s private investment arm - Catamaran Ventures.
The new funding will accelerate Coverfox’s geographic expansion and broaden its product portfolio. Insurance penetration in rural areas is 35% lower than urban areas in India and women’s insurance coverage is 40% lower than men. Coverfox will use the investment to expand insurance coverage into tier-2 and tier-3 cities and specifically address women’s needs.
Aiming to digitise every aspect of insurance selling, Coverfox launched an Android App - ‘Coverdrive’ - last year, which helps insurance agents go digital and grow their businesses.
Founded in 2013 by Devendra Rane, Coverfox has integrated with more than 35 insurers, and offers more than 150 policies in motor, life and health insurance.
“India has one of the most underpenetrated insurance markets, with low penetration rates for women and rural populations. By investing in Coverfox, IFC is giving a push to the country's digitisation agenda by leveraging technology to deliver insurance products to customers outside metros and to women who are currently underserved,” said Jun Zhang, IFC Country Head for India.
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