Insurance Distribution Platform Coverfox Receives Funding From Catamaran Ventures

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.

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