Glitterbug Technologies, owner and manager of Coverfox, an insurance group, has ventured into the market to raise a new round of $ 50 million in equity financing. The company, based in Mumbai, is in talks with several potential investors, including Chinese, Americans, and British, according to sources familiar with the developments, indicating that the equity financing could extend up to $60 Million through Series-D round.
Coverfox, which also instructed China’s leading investment bank, Industrial and Commercial Bank of China, to seek potential investors that can be valued at $ 150 to $ 200 Million, a significant increase over the last round of fundraising, closed in April 2018, said the above sources said. “The new round may see the arrival of two new investors and should be done within two months,” one of the sources stated on the condition of anonymity.
The six-year-old company, which opposes SoftBank backed PolicyBazaar, closed a $ 22 million C-series round, led by International Finance Corp. and the American insurance giant, Transamerica.
To date, the company has raised about $45 Million in several rounds. SAIF Partners, an independent scenario and industry investment company; Catamaran Ventures, Infosys’ personal investment company, Accel Partners and Narayana Murthy, which had already poured in the company, are also anticipated to take part in the new funding round of discussions.
The company also plans to expand at the end of the current calendar year in the residential property and cyber insurance sectors. Coverfox currently provides insurance policies covering all sectors of auto insurance, life insurance, car insurance, unit insurance contracts, and segments of health. At the time, the company had an annual premium of $110 to $120 Million last December, a gain of four times better than the previous year.