Indian Insurtech Coverfox has raised $22m in series C funding, led by IFC and Transamerica, along with participation from existing investors. The company plans to use the funds to speed up its geographic expansion and widen its product portfolio. In a statement, India-based insurance broker Insurex said it was “proud of our partnership with IFC” which will help them expand their reach into India. It will also broaden its focus on women, noting that insurance adoption among female customers is 40% lower than for men.
Indian Insurtech Coverfox has raised $22m in series C funding, led by IFC and Transamerica, along with participation from existing investors. The company plans to use the funds to speed up its geographic expansion and widen its product portfolio. Coverfox plans to expand insurance coverage to tier 2 and tier 3 cities, noting that insurance penetration in rural areas of India was 35% lower than in urban areas. It will also broaden its focus on women, noting that insurance adoption among female customers is 40% lower than for men.