Mumbai-based insurance aggregator Coverfox, which has been struggling to raise fresh funding, has appointed Sanjib Jha, a co-founder of growth-stage venture investor Avaana Capital, as its acting chief executive officer (CEO).
Avaana, which was set up by former TPG executive Anjali Bansal, had invested in Coverfox in late 2018. Jha joined the firm last year.
Coverfox on Wednesday said it has also appointed Piyush Ranjan as its chief technology officer (CTO) and Manish Sultania as its chief financial officer (CFO).
Jha replaces Premanshu Singh, who has now joined SoftBank-backed Paytm as a senior vice-president. Singh and Coverfox co-founder and CTO Devendra Rane resigned earlier this year amid mounting worries regarding the future of the company.
In his new role, Jha will spearhead Coverfox’s operations, and mentor the mid- and senior-level leadership. He will also be responsible for optimising and streamlining the company’s resources to ensure that the insurance-aggregator further strengthens its leadership position in the market, per a statement.
Ranjan will be responsible for overseeing product strategy and ensuring that the technological needs of the company are aligned with the company’s business goals. Ranjan has previously worked with Ola, DoorMint and BrowserStack. Meanwhile, Sultania will provide strategic leadership to the company through performance management and big data and analytics.
Glitterbug Technologies Pvt. Ltd, which owns online insurance platform Coverfox, has reportedly raised aggregate funding of over $55 million from a slew of prominent investors such as SAIF Partners, Accel Partners, NR Narayana Murthy’s Catamaran Ventures and International Finance Corporation to date.
Coverfox was reported to be in talks to be acquired by digital payments major Paytm last year, but the plan did not materialise. It is now looking to expand its footprint across the country by launching new products.