Narayana Murthy-backed startup Coverfox is eyeing 10-fold jump in 3 yearsPress Trust of India
Online insurance portal, Coverfox is expecting a ten-fold jump in its premiums to Rs 1,000 crore in next three years, a top official said. The company provides comparison of plans from insurance companies, recommendations from experts to buy insurance policies on its portal.
Varun Dua,Chief Executive Officer of Coverfox said,
In the next three years we plan to scale up our business and target to book Rs 1,000 crore worth of premiums from Rs 100 crore, we sell about 8,000 to 10,000 policies a month, and are seeing a steady growth of about 20 per cent month-on-month in sales.
The N R Narayana Murthy-backed start-up has about 70,000 policies till date and is growing at a steady clip of 20 per cent month-on-month in sales, he informed. Dua further said Coverfox which was launched three years ago is "well-funded" at the moment and would begin scouting for required capital in the next few months.
"We are not actively looking for funding currently, but have initiated discussions with investors for required capital infusion in future, to execute our business plans, adding the company is "on course" to book Rs 200 crore worth of premiums in FY17" he said. At present, the company focuses on selling home, auto, health and travel insurance products, and is building its insurance product portfolio. It is looking at launching a 'claim service' targeting customer convenience, he added.
Co-founded by Varun Dua, a former employee of Franklin Templeton and Devendra Rane, an IIT-B alumnus, Coverfox raised USD 12 million in April, in a series B (second round) funding from growth investment arm of the US-based Accel Partners, besides existing backers SAIF Partners and Accel India. The round came six months after the Mumbai-based startup raised its initial funding round of around USD 2 million from SAIF Partners and Accel India.
In addition, Murthy's private investment firm Catamaran Ventures also made an undisclosed investment in the company, Varun said.