Coverfox, an online insurance distribution platform has received an undisclosed amount of funding by Catamaran Venture—Narayan Murthy’s private investment firm.
The company received $14 million in a previous round of funding led by Accel US, Accel India and SAIF partners.
Established in 2013, Coverfox has developed a technology based comparison and sales platform, insurance domain expertise and after sales support and claims services.
The company registers an overall growth of 40-50 percent monthly, and aims to scale up the online auto insurance segment. Coverfox also expects its website traffic to double by the end of the year and reach 1 million visitors per month
“Buying insurance till now has been largely an offline activity. The industry is at the helm of witnessing a massive shift — from being a seller’s market to becoming a buyer’s market. Coverfox’s mission is to spearhead this change and make the online process straightforward, simple, quick and transparent for everyone,” said Varun Dua, CEO and Co-founder, Coverfox.