Tech Financing in India this week — Insurance services catch on

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India has a very underpenetrated market on insurance with low insurance coverage rates for women and its rural population. On April 19, Coverfox raised USD 22 million in a Series C round of funding from IFC (International Finance Corporation), Transamerica and other firms. Coverfox is an online insurance platform for people to compare and buy insurance products from top insurance brands across categories of healthcare, cars, life, travel and home insurance. The startup will use the funds to strengthen its product and technology capabilities, expand its geographical footprints into Tier II and Tier III cities and specifically address women’s need because of the low insurance coverage rate.

1.On April 16, AffordPlan raised USD 10 million in a Series B round led by Lok Capital and Omidyar Network, along with its existing investors Prime Venture Partners and Kalaari Capital. AffordPlan is a financial saving platform for non-emergency medical services making healthcare accessible and affordable. The startup plans to use the funds to launch new savings, lendings, and insurance products to cover medical and healthcare expenses and expand the cooperation with more hospitals.

2.On April 16, Pando secured a USD 2 million in seed funding from Nexus Venture Partners. Pando is a logistics startup which digitizes logistics operations for large companies. The startup will use the funds to promote product development and increase fresh hiring.

3.On April 17, Cogoport raised an undisclosed Series A funding from Accel Partners. Cogoport is an online international freight exchange logistics startup that applies technology to simplify the movement of freight. With the fresh capital, the startup will develop new product and fuel business and increase its footprint around India.

4.On April 18, Vogo secured USD 7 million in funding led by homegrown ride-hailing major Ola, Stellaris Venture Partners and Matrix Partners. Vogo is a scooter sharing platform that allows users to pick up and drop off the scooter from designated pickup points throughout the city. The startup has not disclosed their possible use of the fresh capital.

top photo from Coverfox

Simin Li

Simin writes for us, by focusing on tech and financing news in Asia. She’s also interested in politics, cyber culture, and new media. She has experiences contributing to Reuters and the Wall Street Journal Chinese Edition. She is studying English Language and Literature at Renmin University of China.

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