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Insurance tech platform Coverfox.com has raised $22 million in a Series C funding round led by World Bank arm IFC and Transamerica. Existing investors have participated, too.
Coverfox has raised $17 million from the previous two rounds, from SAIF Partners, Accel and NR Narayana Murthy’s private investment arm, Catamaran Ventures.
The latest investment will be used to expand in tier-2 and tier-3 cities, with specific products for women.
Insurance penetration in rural areas is 35 per cent lower than urban areas in India and women’s insurance coverage is 40 per cent lower than men.
Coverfox CEO Premanshu Singh said in a statement: “The current fund raise is a validation of our vision. The money will be used to strengthen our product/technology capabilities. Further, a large portion of the investment would go into improving the user experience by going both horizontal and vertical into each insurance category. We are very happy to welcome IFC and Transamerica to our family.”
Jun Zhang, IFC Country Head for India, said: “By investing in Coverfox, IFC is giving a push to the country’s digitisation agenda by leveraging technology to deliver insurance products to customers outside metros and to women who are currently underserved.”
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