Coverfox.com, a Mumbai-based online insurance seller has raised $12 million (Rs 75 crore) from venture capital funds Accel US, Accel India and SAIF Partners in its second round of funding.
The company plans to utilize the freshly raised fund for improving its technology further, brand building through mass media advertising, bringing on board new insurance products, and scaling up its customer assistance unit.
Varun Dua, Co-Founder & CEO maintains, “We believe insurance will see a massive change — from being a seller’s market to becoming a buyer’s market. More choices, niche products, rising consumer awareness, among other factors, will create opportunities in presenting the consumer with choices and a seamless insurance buying experience.”
Coverfox.com is run by Glitterbug Technologies, which had previously raised $2 million in a series A round from Accel India and SAIF.
Dua, who has an experience with AIG and Franklin Templeton, founded Glitterbug along with Devendra Rane, an IIT-Bombay alumnus, in 2011 as a venture which used to build technology for insurance firms. A couple of years later, the duo began selling insurance online under the brand name Coverfox.