Coverfox raises funding from SAIF & Accel

By | April 27, 2015
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Coverfox Insurance -1st FeatureCoverfox raises funding from SAIF Partners and others. Coverfox is the brand that owned by Glitterbug Technologies. Mumbai based startup was founded in 2011. The company makes the process of buying and managing insurance in simple, quick and transparent way.

Coverfox sells home, auto, health and travel insurance products. All the top insurance brand in India offer their products through Coverfox. The company was founded by Varun Dua and Devendra Rane.

Varun Dua is the founder and Chief Executive Officer of the company. He has post graduated from MICA, Ahmedabad and graduated from University of Mumbai. He started his career as a Trainee in Leo Burnett Advertising in 2002. Varun joined Tata AIG Life Insurance in 2003 as Marketing Manager, he worked with the company for 4 years.

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Varun joined Franklin Templeton Investments in 2007 as Marketing Manager. He led the database analytics and marketing initiatives for the company. Varun focused on the areas of creation of customer self serve applications and initiatives to reduce customer servicing costs.

In 2008 he co founded Enser Communications P Ltd, which is the fastest growing customer support and sales contact center operations servicing the financial services in India. He held this post till October 2010. In November 2010 he co founded Glitterbug Technologies. The company is online insurance vertical specialist. They built web applications assisting online insurance sales for brands like ICICI Prudential, HDFC Life and AVIVA. In 2013, he became the Chief Executive Officer of the Coverfox Insurance Broking P Ltd.

Devendra Rane is co founder of Coverfox. He is the Chief Technology Officer of the company. He has dual graduation (Bachelor of Technology and Master of Technology) in Aerospace Engineering from Indian Institute of Technology, Bombay in 2005. He is the Cross Country winner in 2002 and 2003, Winner of B Plan competition “Eureka”, Winner of Wright Flyer Aeromodelling competition organised by DRDO.

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He started his professional and entrepreneurial career in 2004 by founding Innovations Unified which was nanotechnology based startup. He was responsible for technology optimization and simulations of the furnace. In 2005 he became Technology Consultant for Ubiquiti INC. Devendra used data mining and text extraction from non categorical raw text and instrumental in setting up of Ubiquiti Inc in India.

In 2006 he moved to Qlipmedia Inc as Technology Consultant. He was into multimedia interaction product development and .NET based desktop products for e learning. Devendra worked on a freelance basis as Technology Consultant for many corporate houses such Balaji Telefilms and Future Bazaar in 2007 – 2008.

Devendra became Chief Technology Officer of IDEUS Concepts. The company developed into front end visualization technologies, big data statistics and data mining. Complex Visualization for large data sets and complex flow scenarios were set up by him. He joined Varun in founding Glitterbug Technologies and Coverfox Insurance Broking P Ltd.

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The company has raised funding for $14 million till now through series “A” for $2 million and “B” for $12 million in various stages from leading PE investors like Accel Partners and SAIF Partners. The funding will be utilized for expanding its insurance product portfolio and adding new features to its technology platform, apart from going in for an aggressive brand building exercise to reach out to a larger customer base.

Varun Dua spoke after funding “We believe insurance will see a massive change — from being a seller’s market to becoming a buyer’s market. More choices, niche products, rising consumer awareness, among other factors, will create opportunities in presenting the consumer with choices and a seamless insurance buying experience.”

Rohit Jain of SAIF Partners said “The insurance industry in India has lagged behind in harnessing the power of technology and analytics on both underwriting and distribution side. Coverfox brings a refreshing customer-centric focus and technology lead innovation approach in transforming the industry.” Online insurance space is seeing lot of funding activity. Recently Policy Bazaar raised $40 million funding from Premjiinvest.

Author: Venu V

i look for minute details, whatever i do. Avid reader, read lot of Hindu mythology, Technology and General news. Extreme foodie and like to taste new types of vegetarian food. Travel a lot, like to explore new places which are not explored by anyone. Participate in adventure sports like river rafting, grappling and hot air ballooning.