Glitterbug Technologies, which owns and operates online insurance brokerage Coverfox, has raised about 96 crore ($15 million) in its series-C round. The funding was led by US insurer Transamerica, with participation from existing investors. The company is also in discussions with Fosun Kinzon Capital, the VC unit of Chinese conglomerate Fosun International, to raise about $5-10 million that could be an extension of the latest round.
The latest round of equity financing values Coverfox between $70 million and $100 million, reported ET. Its current list of investors include SAIF Partners, Accel India and Catamaran Ventures – the family office of Infosys co-founder, NR Narayana Murthy.
Separately, according to the sources familiar with the development, Fosun, along with other investors, could also invest in Acko General Insurance, the company launched by Coverfox cofounder Varun Dua last year.
Last month, Acko raised a $30-million funding in seed round from a clutch of investors, including SAIF Partners, Accel Partners, Catamaran Ventures, former Infosys chief executive Kris Gopalakrishnan and Hemendra Kothari, chairman of DSP Blackrock.
Coverfox, which has largely kept away from the life insurance segment, barring a listings-based model, is now actively considering its entry into the space. The fresh funding raised by the company is likely to hasten its entry into the segment.
So far, Coverfox primarily focuses on the bike and automobile insurance segment, which contributes over 50% of its overall revenue. It clocked premiums of Rs 140-150 crores for the financial year 2016-17.