In the latest startup financing, Coverfox has raised about $2.3 million from existing investors while Quikr has secured $2.9-million debt from Trifecta Capital.
Coverfox raises additional $2.3m funding
Glitterbug Technologies Pvt. Ltd, which owns online insurance platform Coverfox, has raised about $2.3 million (Rs 15.7 crore) in funding from existing investors, per the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc.
According to the filings accessed by this website, investors who took part in funding included the International Finance Corporation (IFC), Aegon Digital Investments, Transamerica Ventures, Accel India, and SAIF Partners.
This amount was raised in May, a month after Coverfox reportedly raised $22 million in funding led by IFC with participation from Transamerica, SAIF, Accel, and others.
Founded in 2013 by Devendra Rane and Varun Dua, Coverfox aggregates insurance products offered by banking and other financial institutions on its platform. Users can compare, discover, and apply for plans online without the need for burdening paperwork.
Quikr gets $2.9m debt funding from Trifecta
Quikr India Pvt. Ltd, which runs an online classifieds and services portal has raised $2.9 million (Rs 20 crore) in debt funding from venture debt firm Trifecta Capital, the company’s filings with RoC shows.
According to the filings, which were sourced by paper.vc, Quikr has issued 200 debentures at a face value of Rs 10 lakh each to Trifecta against the funds raised.
Quikr last raised Rs 55 crore in debt financing from Temasek-owned InnoVen Capital to grow its operations in December. Prior to that, it raised Rs 130 crore venture debt in 2016 from Brand Capital, the private treaty arm of media conglomerate Bennett, Coleman and Co. Ltd.