The funding will be used to strengthen and boost its online insurance comparison and salesbusiness.
Mumbai based Coverfox, an online insurance distribution company, has raised undisclosed amount fo funding from N R Narayan Murthy’s private investment firm Catamaran Ventures. The funding will be used to strengthen and boost its online insurance comparison and sales business.
Founded in 2013 by IIT Bombay graduates Devendra Rane and Varun Dua, Coverfox offers home, auto, health and travel insurance products and leverages algorithms to help consumers select insurance products. It provides comparison of plans from insurance companies, recommendations from experts to buy insurance policies on its portal. The venture started off by offering technological offerings to insurance companies and later pivoted to be an insurance company themselves. The company competes with PolicyBazaar which is backed by Premji Invest with $40 million in its last round and BankBazaar which raised a $60 million in series C round.
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