Glitterbug Technologies, the India-based owner of online insurance broker Coverfox, has raised approximately Rs 960m ($15m) in a series C round led by insurance company Transamerica, the Economic Times reported on Monday.
Transamerica was joined by investment firm Catamaran Ventures and venture capital firms SAIF Partners and Accel India, and the round valued the company between $70m and $100m, according to ET, which cited an unnamed source.
Founded in 2012, Coverfox is a product comparison platform that offers coverage for driving, health, travel and term life insurance. The portal links to a network of insurers, allowing users to quickly purchase a policy.
The company is in talks with Fosun Kinzon Capital, a corporate VC subsidiary of conglomerate Fosun International, to add between $5m and $10m to the round, multiple sources told ET.
Coverfox had previously raised $12m in an April 2015 series B round co-led by Accel and SAIF, both of which had supplied an undisclosed amount of seed funding for the company a few months earlier, according to The Tech Portal.