Startup Profile
Coverfox
Legal entity: Glitterbug Technologies Private Limited
Online insurance brokerage platform in India
Funding raised
₹455.00 Cr
Total disclosed
Latest valuation
—
Most recent round
Latest revenue
₹145.00 Cr
FY FY2024
Employees
—
FY FY2024
Founders
- Devendra Rane
Co-founder and current CEO of Coverfox. IIT Bombay alumnus with a dual degree in Aerospace Engineering.
- Varun Dua
Founder and CEO of Acko. A serial fintech and insurance entrepreneur who previously co-founded the insurance comparison platform Coverfox before starting Acko in 2016.
Funding rounds
- Series C2018-04-19₹182.60 CrLed by IFC (World Bank Group)
- Series B2015-04-01₹99.60 CrLed by Accel Partners
- Series A2014-10-17₹16.60 CrLed by Accel Partners
Financials
MCA / self-reported| Fiscal year | Revenue | Profit / (Loss) | Employees |
|---|---|---|---|
| FY2024 | ₹145.00 Cr | +₹3.00 Cr | — |
| FY2025 | ₹603.00 Cr | +₹7.00 Cr | — |
The full story
Rich-text rendering of long_story is wired in the design pass.
Timeline
- 2025-03Achieved net profitability — Coverfox returned to net profitability in FY2025, with 70 lakh net profit.
- 2021-01Achieved gross profitability — Coverfox achieved gross profitability in January 2021 and maintained it.
- 2016-12Reached 25K-30K policies per month — By December 2016, Coverfox was processing 25,000-30,000 policies monthly with 500,000-1 million monthly users.
- 2014-05First policy sale — Coverfox sold its first insurance policy after four months of operation.
- 2014-01Received insurance broking license and formal launch — Coverfox received its brokerage license in late 2013 and formally launched as a B2C marketplace in January 2014.