Private Equity

PE-VC Fund Investments

Insurtech co. Coverstack raises $11-M from Elevar Equity, others

Entrackr  

Mumbai-based digital insurance player Coverstack, a B2B (business-to-business) platform under the Coverfox Group, has concluded a fundraising round totalling INR 95.7 crore (approximately USD 11 million), comprising both primary and secondary stake sales.A primary issuance of 19,216 preference shares and 3,187 share warrants, each priced at INR 33,827, raised INR 75.78 crore. Vistra ITCL (India) Ltd, acting as trustee of Elevar Venture Partners, led the primary investment with INR 65 crore, while founders Sanjib Kumar Jha and Piyush Ranjan collectively invested INR 10.75 crore. Elevar Venture Partners also purchased 5,912 equity shares from existing investors in a secondary transaction valued at INR 20 crore.Following this round, Coverstack's post-money valuation is estimated at approximately INR 476 crore (USD 54 million), bringing the firm's total capital raised across multiple rounds to over INR 465 crore.Coverstack functions as a platform for digital insurance distribution, facilitating fintechs, brokers, and other platforms to offer insurance products. In FY24, the company had reported revenue from operations of INR 2.63 crore and a loss of INR 14.87 crore.