Mumbai-based Insuretech startup Coverfox receives Rs 40 Cr investment in ongoing Series C round

Online insurance aggregator platform Coverfox has received Rs 40 crore ($5.79 million) capital infusion from its existing investors as a part of its ongoing Series C funding round. With this investment, the total funding raised by Coverfox reached $58.59 million.

Coverfox planned to use the investment to expand insurance coverage into Tier-II and III cities, diversify its product portfolio, and drive new technology development and innovation.

Founded in 2013 by Devendra Rane, Coverfox has integrated with more than 35 insurers, and claims to offer more than 150 policies in motor, life, and health insurance at present. With its proprietary technology and algorithm-based platform, users can compare and buy a range of policies across top insurance companies.