PROJECT

Projects

Summary of Investment Information

Project Number

40623

Company Name

GLITTERBUG TECHNOLOGIES PRIVATE LIMITED

Date SPI Disclosed

Dec 18, 2017

Country

India

Region

South Asia

Projected Board Date

Jan 31, 2018

Environmental Category

C - No Impact

Status

Completed

Last Updated Date

May 30, 2024

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Feb 12, 2018
Signed : Mar 26, 2018
Invested : Apr 16, 2018

Sector

Mobile channel service providers

Additional Project Attributes

Blended Finance

Project Description

The project involves equity investment of  US$7 million in Coverfox, an online licensed insurance broker in India, established in 2013. The company has integrated with more than 30 insurers and offers more than 100 insurance policies in Motor, Life, Health and Term Life insurance. It currently operates in the B2C segment by providing customized real-time quotes directly to users, and providing timely and quality customer service from fulfilment to claim settlement. Coverfox also plans to ramp up its B2B2C segment by leveraging the existing insurance agent network to distribute insurance policies by providing a platform app called ‘Coverdrive’ to Point of Sales Persons (POSPs) who currently lack appropriate tools to manage their agent business.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation