Online insurance brokerage firm Coverfox has raised $15 million (Approx Rs 96 crore ) led by US insurer Transamerica and its existing investors. The latest round of funding has raised the values of the Mumbai-based company to $100 million, reported ET.
Coverfox is also in talks with Fosun Kinzon Capital, the VC unit of Chinese conglomerate Fosun International, which could invest between $5-10 million. At present, the company has SAIF Partners, Accel India and Catamaran Ventures- the family office of Infosys co-founder, NR Narayan Murthy.
The fresh funding raised by the company will help its long awaited entry in to the life insurance segment. The firm primarily focuses on the bike and automobile segment, where it claims to clock 50% of its overall revenue. The company had premiums of Rs 140-150 crores for the financial year 2016-17.
It is owned by Glitterbug Technologies. The auto insurance vertical has been a hotly contested segment within the broader insurance industry. In April, Girnar Software, which owns and operates CarDekho, also acquired a licence from IRDA, and launched Girnar Insurance Brokers, with a core focus on auto insurance.
It competes with PolicyBazaar Turtlemint, BankBazaar and EasyPolicy. The Fintech market in India stands at $1.2 Bn, is forecasted to touch $2.4 Bn by 2020.
Earlier, last year Coverfox co-founder Varun Dua had launched Acko General Insurance. The newly launched company announced raised $30 million in seed fund in May from SAIF Partners, Accel Partner, former Infosys chief executive Kris Gopalkrishnan and Hemendra Kotharo, chairman of DSP Blackrock. Acko had also applied to the Insurance Regulatory and Development Authority (IRDA) to set up a general insurance company.
Image credit: coverfox