The funding is an addition to the earlier round in which Coverfox had raised $2 Mn in series A round followed by $12 Mn round from Accel US, Accel India and SAIF partners.
The startup will use the funding to strengthen and grow its online insurance comparison and sales business.
The portal aims to be the largest online auto insurance provider within next six months. It also expects its web traffic to double and reach 1 Mn visitors per month by the end of this year.
Glibberbug Technologies, which runs Coverfox.com, was established in 2013 by IIT-Bombay alumni Devendra Rane and Varun Dua. It was started as a venture to build technology for insurance firms, however, the company pivoted and started selling insurance online under the brand name Coverfox.
Coverfox has developed proprietary technology based comparison and sales platform, insurance domain expertise and after sales support. It offers insurance across categories like car, bike, health, travel and home insurance.