Exclusive: Coverstack set to raise $11 Mn in new round

Digital insurance company Coverstack, a B2B platform under the Coverfox Group, is set to raise Rs 95.7 crore (around $11 million) in a new round comprising both primary and secondary stake sales. This will be the company’s first major fundraise in the past five to six years.

The board at Coverstack has passed a special resolution to issue 19,216 preference shares and 3,187 share warrants at an issue price of Rs 33,827 each to raise Rs 75.78  crore in a primary round, its regulatory filing accessed from the Registrar of Companies (RoC) shows.

Vistra ITCL (India) Limited, acting as trustee of Elevar Ventures Partners, led the round with Rs 65 crore primary injection, while the founders, Sanjib Kumar Jha and Piyush Ranjan, cumulatively invested Rs 10.75 crore.

According toEntrackr’s analysis, Elevar Ventures Partners also purchased 5,912 equity shares from existing investors in a secondary transaction worth Rs 20 crore, taking the total capital raised in the round to Rs 95.7 crore (about $11 million).

Coverstack’s post-money valuation is estimated at around Rs 476 crore ($54 million), according to Entrackr’s estimates. With this round, the Mumbai-based firm has raised over Rs 465 crore across multiple rounds.

Coverstack, the B2B arm of Coverfox, acts as its tech platform for digital insurance distribution, enabling fintechs, brokers, and other platforms to offer insurance products and supporting Coverfox’s shift to scalable, tech-based solutions.

While the company has not disclosed its revenue for the fiscal year ending March 2025, Coverstack reported a loss of Rs 11.87 crore in FY25. In FY24, it had revenue from operations of Rs 2.63 crore and a loss of Rs 14.87 crore.