CoverFox said to raise round which values the business at $227m

Digital insurance broker CoverFox has reportedly raised INR 300m ($3.9m) in a funding round which values the InsurTech at around INR 17.3bn ($227.1m).

With the capital injection, the company is looking to streamline its processes, according to a report from Entrackr.

The investors of the round were not disclosed.

India-based Coverfox was founded in 2013 and enables consumers to compare insurance policies for term life, health, investment, car, bike, taxi and travel. The company’s algorithms look for policies which match a consumer’s needs and explains terms in easy to understand language.

The InsurTech has partnered with over 35 insurance providers to help users find the right cover for them.

CoverFox previously raised a $22m Series C round led by International Finance Corporation (IFC). Other contributors to the round were Transamerica, Catamaran Ventures, Pratithi Investment Trust and NuVentures.

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