Online insurance broker Coverfox raises $12M from existing investors Accel & SAIF

Mumbai-based Coverfox Insurance Broking Pvt Ltd, which owns and operates an online insurance portal coverfox.com, has raised Rs 75 crore ($12 million) in Series B round of funding from its existing investors Accel Partners and SAIF Partners.

Global VC firm Accel invested through both its Indian unit and US fund.

The company would use the money to expand its product across insurance categories besides expanding the team.

Last November, the firm had raised $2 million from Accel and SAIF in a Series A round.

Founded in 2011 by IIT Bombay graduates Devendra Rane and Varun Dua, Coverfox sells insurance online. It offers health insurance, car insurance, home insurance and travel insurance.

Prior to Coverfox, Rane has co-founded two companies, one specialising in user experience design and the other providing technology services to financial and insurance domain. Dua, a MICA alumnus, also co-founded couple of companies related to insurance industry.

In the space, online insurance policy aggregator PolicyBazaar recently raised around $40 million in Series D round of funding from PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji, among a set of existing and new investors.