Published By : 19 Apr 2018 | Published By : QYRESEARCH
Glitterbug Technologies, the owner of Coverfox, an online insurance aggregator, has closed its Series-C round of funding at US$22 mn. This funding round was led by Transamerica and International Finance Corp (IFC). This development comes almost 10 months after the Mumbai-based company secured US$15 mn in fresh capital, led by the Iowa-based insurance giant, Cedar Rapids. Jun Zhang, the country head of IFC’s Indian arm, states that, with its investment in Coverfox, IFC is giving a push to the digitization agenda of India by leveraging technology to offer insurance products to remote customers and to women, who are currently underserved. According to the terms of the transaction, IFC has put in US$7 mn into the company, while Transamerica has invested around US$12 mn.
The existing supporters of Coverfox consists of SAIF Partners, a stage and sector-agnostic investment firm, the personal investment firm of Infosys co-founder Narayana Murthy, Catamaran Ventures, and Accel partners. These firms also participated in the latest round. As of now, after the closure of the round, the exact valuation of Coverfox is unclear. The investment of Transamerica in the company was done at a valuation of US$70-US$100 mn, told a source close to the company on the condition of anonymity. The transaction has come at a time when a plethora of global investors, led by SoftBank, the Japanese giant, are increasingly seeking out opportunities to support homegrown insurance-focused ventures, especially those, which are considered as market leaders.