India: Narayan Murthy-led Catamaran Ventures invests in online insurance platform Coverfox

Visual sourced from Coverfox facebook page

Narayan Murthy-led Catamaran Ventures has invested an undisclosed amount in Mumbai-based online insurance distribution platform Coverfox, as the latter plans to further strengthen and grow its online insurance comparison and sales business, Coverfox said in a statement. With this move, Coverfox also intends to take on bigger rival PolicyBazaar which is backed by IT czar Azim Premji.

The funding received by Glitterbug Technologies, which powers Coverfox, is in addition to the earlier series A round of $2 million and second round of $12 million raised from Accel US, Accel India and SAIF partners.

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