Catamaran Ventures, a venture fund floated by Infosys co-founder N.R. Narayana Murthy, has invested an unspecified amount in online insurance distribution firm Coverfox.com to grow its business.
"Catamaran investment will accelerate our insurance and sales online," the Mumbai-based Coverfox said in a statement on Tuesday.
Glitterburg Technologies, which powers Coverfox, received Catamaran's unspecified fund in addition to earlier two rounds of funding when Accel US, Accel India and SAIF Parnters invested $14 million cumulatively.
The two-year-old insurance portal developed proprietary technology based comparison and sales platform, insurance domain expertise and after sales support and claims services to make it a preferred destination for customers to buy and manage insurance policies.
Beginning operations in 2014, the portal claimed to have witnessed a whopping 500 percent growth, with 40-50 percent growth every month across categories spanning car, bike, health, travel and home insurance.
The portal aims to emerge as the largest online auto insurance provider over the next six months and expects its website traffic to double by year-end and touch one million visits per month from 2016.
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"Our mission is to spearhead this change and make the online process simple, quick and transparent.AOur focus is to enable consumers with best-fit choices, as everyone should be able to buy insurance," said Coverfox co-founder chief executive Varun Dua.
"We chose to partner with Coverfox as its customer-oriented approach to insurance distribution is built on a technology platform. As the insurance sector will grow significantly, we believe the portal has an opportunity to lead a change in how customers view, buy and manage their insurance," Catamaran investment director Abishek Laxminarayan said in the statement.