Online insurance platform Coverfox’s parent company, Glitterbug Technologies, has raised $22 million in Series C funding. The company will use the funds to expand its presence in tier-2 and tier-3 cities and to address women’s needs.
This round of funding was led by by International Finance Corp. (IFC), the investment arm of the World Bank Group, and existing investor Transamerica. Other investors including SAIF partners, Accel and N.R. Narayana Murthy’s Catamaran Ventures also participated in the current round. In 2015, Mumbai-based Coverfox had raised $12 million in Series B round, and earlier in 2011, $2 million in Series A round.
Users can can compare, discover and apply for online on the Coverfox platform, which aggregates insurance products from banking and other financial institutions .
The company, started in 2013 by Devendra Rane, also handles insurance claims and settlements through its platform. On an average, it processes 400 claims per month.
Coverfox competes with other online portals like Digit Insurance which was backed by Fairfax Financial Holdings in June 2017, and Policybazaar which raised money from Tiger Global, Premji Invest and others. Digital payments firm Paytm also introduced two new insurance units in February.