Coverstack: The tech insurance policy keeping Coverfox ticking

In 2020, Coverfox was a company on life support. The insurance aggregator and distributor platform had lost both of its founders, fallen far behind peers such as PolicyBazaar and even the much younger Turtlemint, and was rapidly burning capital as it struggled to raise more.

Even as industry watchers were ready to call time of death on the company, however, Coverfox was thrown a lifeline. In an unusual turn of events, private equity firm Avaana Capital, which had only invested in the company two years prior, took the reins of the business in a last-ditch attempt to keep it afloat. Coverfox, incidentally, was Avaana’s first investment.

Avaana’s Sanjib Jha was appointed CEO of the company and was tasked with turning the business around. A little over two years later, the Mumbai-headquartered business is finally showing signs of life again. Today’s Coverfox, though, is a far cry from the crisis-riddled venture Jha took over.

For one, from a team of around 1,100 when Jha took over, Coverfox only has around 130 employees today. It has also shifted focus. The insurance aggregator platform that was previously the beating heart of the operation has been superseded by the company’s more nascent play, Coverstack.