Coverfox.com, an insurtech platform, said on Thursday that it had raised $22 million in a series C funding round led by IFC, a sister organisation of the World Bank, and U.S. insurance group Transamerica.
Existing investors SAIF Partners, Accel and Infosys’ co-founder N.R. Narayana Murthy’s Catamaran Ventures also participated in this round. The company said it would use the funds to accelerate its geographic expansion and broaden its product portfolio. It would also use the investment to expand insurance coverage to tier-2 and tier-3 cities and focus on women.
The firm said the insurance penetration in rural areas was 35% lower than urban areas in India and women’s insurance coverage was 40% lower than men.
