Mumbai-based digital insurance platform Coverstack, part of the Coverfox Group, is set to raise around Rs 95.7 crore ($11 million) in a new funding round that includes both primary and secondary share sales. This marks the company’s first major investment in nearly six years, signaling renewed investor confidence in its growth plans.
New Funding Details
According to filings with the Registrar of Companies (RoC), Coverstack’s board approved the issuance of 19,216 preference shares and 3,187 share warrants at Rs 33,827 per share, raising approximately Rs 75.78 crore through the primary round.
The funding is led by Elevar Ventures Partners, which invested Rs 65 crore through Vistra ITCL (India) Limited, acting as its trustee. The company’s co-founders, Sanjib Kumar Jha and Piyush Ranjan, also participated by contributing a combined Rs 10.75 crore.
Additionally, Elevar Ventures Partners acquired 5,912 equity shares from existing investors in a secondary deal worth Rs 20 crore, bringing the total round size to Rs 95.7 crore ($11 million).
Company Valuation and Background
Following this investment, Coverstack’s post-money valuation is estimated at Rs 476 crore ($54 million). With this round, the firm has now raised over Rs 465 crore across multiple funding rounds to date.
What Does Coverstack Do?
Coverstack operates as a B2B digital insurance platform, providing technology solutions that allow fintech companies, brokers, and platforms to distribute insurance products digitally. It plays a key role in Coverfox’s transition toward scalable, tech-driven insurance services.
Financial Snapshot
While Coverstack hasn’t disclosed its revenue for FY2025, filings show it recorded a loss of Rs 11.87 crore during the period. In the previous fiscal year (FY2024), the company reported Rs 2.63 crore in revenue and a loss of Rs 14.87 crore.
Despite the losses, the company’s growing focus on digital insurance infrastructure and renewed investor backing could set the stage for stronger performance ahead.
