Mumbai insurtech receives $22m in funding

Coverfox, an online insurtech startup based in Mumbai, has raised $22 million in Series funding, led by International Finance Corp (IFC) and Transamerica.

Other investors include SAIF Partners, Accel and Catamaran Ventures.

“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,” said Jun Zhang, country head for India at IFC.

Coverfox said it will use the investment to expand its insurance coverage into tier-2 and tier-3 cities, with a specific focus on women's needs. It noted that India's rural areas have 35 percent lower insurance penetration compared with urban areas, and women have 40 percent less insurance cover than men.

Founded in 2013 by Devendra Rane and Varun Dua, the platform bring together products across health, motor and life insurance - and handles insurance claims and settlements.

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