 "Coverfox.com raises Rs 75 cr in Series-B from Accel, SAIF partners")
Glibberbug Technologies, a Mumbai-based technology startup that runs online insurance selling platform Coverfox, has raised Rs 75 crore (around $12 million) in a Series-B round of funding from venture capital funds Accel US, Accel India and SAIF Partners.
Co-founded by Varun Dua, a former employee of Franklin Templeton, and Devendra Rane, an IIT-Bombay alumnus, in 2011, Coverfox had earlier raised $2 million in a Series-A round from Accel India and SAIF partners.
The company, which currently sells home, auto, health and travel insurance products, proposes to deploy the fresh round of funds in expanding its insurance product portfolio and add new features to its technology platform, besides going in for an aggressive brand building exercise to reach out to a larger customer base.
Co-founded by Varun Dua, a former employee of Franklin Templeton, and Devendra Rane, an IIT-Bombay alumnus, in 2011, Coverfox had earlier raised $2 million in a Series-A round from Accel India and SAIF partners.
The company, which currently sells home, auto, health and travel insurance products, proposes to deploy the fresh round of funds in expanding its insurance product portfolio and add new features to its technology platform, besides going in for an aggressive brand building exercise to reach out to a larger customer base.