Coverfox

Digital insurance broker and B2B embedded-insurance distribution platform based in India.

Distribution & Sales

Overview

Coverfox is an IRDAI-licensed digital insurance broker based in Mumbai, India, founded in 2013. It operates a retail comparison marketplace at coverfox.com alongside a B2B distribution-technology arm marketed as Agent Stack (also referred to as Coverstack), which lets non-insurance businesses embed insurance distribution into their own platforms.

The retail marketplace lets consumers compare and buy motor, health, life, travel, and personal accident insurance from more than 37 insurer partners across roughly 600 products, and the company reports reach into around 90 percent of Indian postal code areas. Coverfox also sells commercial coverage directly to businesses, including employee benefits, property and liability, and engineering lines, and offers payment-linked micro-insurance products (UPI Protect, Card Protect) embedded into digital payment flows.

Agent Stack is Coverfox's API-based embedded-insurance product. It has been integrated by non-insurance platforms such as ICICI Securities, Spinny, and CarTrade to add insurance distribution to their own checkout flows; industry reporting also lists Google Pay as an integration partner, though that attribution is not independently confirmed on Coverfox's own site. Coverfox has raised a reported USD 55.1M in total funding across nine rounds from 32 investors, including SAIF Partners, Accel, Catamaran Ventures, Elevation Capital, and InnoVen Capital; a further round of undisclosed terms was reported in 2025. Its Series C round is cited at USD 22M by TechCrunch and at USD 15M by Inc42 -- this profile uses the TechCrunch figure, sourced from primary deal-reporting coverage. Employee-count estimates vary widely across data providers, from roughly 90 to over 800; this profile uses a conservative 51-200 range rather than a single point figure. For the fiscal year ended FY25, Coverfox reported revenue growth of 325 percent year-over-year and its first annual profit.

Products & Services

Retail Insurance Marketplace

Comparison and purchase platform for car, bike, health, term life, ULIP, and travel insurance, with calculators and side-by-side comparison tools across more than 37 insurer partners and roughly 600 products.

Agent Stack (Coverstack)

API-based insurance-distribution product that lets non-insurance businesses -- fintechs, NBFCs, marketplaces, and lenders -- embed insurance purchase flows into their own checkout or app experience. Reported integrations include ICICI Securities, Spinny, and CarTrade.

Business & Enterprise Insurance

Commercial coverage sold directly to businesses, including employee benefits (group health, group term life, personal accident, credit life, travel), property and liability (fire, marine, cyber, commercial general liability, professional indemnity), and engineering lines (contractor's plant & machinery, all-risk).

COVER AI

Agentic-AI insurance assistant launched in 2026 that generates quotes, scans and rates existing policy documents, and manages a digital insurance vault for consumers.

UPI Protect / Card Protect

Micro-insurance products embedded into digital payment flows.

At a Glance

Founded: 2013
Headquarters: Mumbai, Maharashtra, India
Employees: 51-200

Category & Focus

Category: Distribution & Sales
Subcategories: Embedded Insurance Insurance Comparison/Marketplace
Insurance Verticals: P&C Personal P&C Commercial Life & Annuity Health
Target Customers: Consumers

Customers

ICICI Securities
Spinny
CarTrade
Google Pay (reported integration partner; not independently confirmed on coverfox.com)

10 million+ households covered through the retail platform; 25+ industry players and 22+ partners across BFSI, car resale, and logistics use the Agent Stack B2B distribution product

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Last updated: 2026-08-05