INSUBCONTINENT EXCLUSIVE:
Coverfox, one of a handful of companies aiming to digitize insurance in India, has landed fresh funding via a $22 million Series C round
The company confirmed the round was actually closed in two phases, which explains why media reports around the Transamerica investment
surfaced last June.Based in Mumbai, Coverfox is a digital platform that aggregates insurance options
backers have also funded digital insurance firm Acko, which was started by Coverfox co-founder Varun Dua last year
Acko and Dua made headlines when, nearly a year ago, the startup announced a $30 million seed investment round that came in before a product
business, and it again attracted headlines for its relationship with Amazon
said in an interview with TechCrunch, explaining that the company is going after larger insurance providers initially.He also dismissed the
different office locations
Singh clarified as four-fold revenue growth over the past year, although he declined to give specific figures
insurance coverage is 35 percent lower than in urban areas, while coverage among women is lower still at 40 percent below that of men.The
is a smart addition because it helps the company tackle the long tail of rural India without initial investment upfront
Instead, insurers use its service to boost their own business, thereby growing Coverfox sales at the same time.Singh said Coverdrive
accounts for around one-quarter of Coverfox sales
