The Mumbai-based insurance aggregator has found the going tough on the fundraising front.
Online insurance distributor Coverfox has recast its top management with Sanjib Jha joining as its Chief Executive Officer.
Coverfox has also appointed Piyush Ranjan as the Chief Technology Officer and Manish Sultania as the Chief Finance Officer.
Jha, who is the founder of Avaana Capital, is also an investor in Coverfox.
He has the arduous task of steering the company to the next level of growth amid fundraising challenges.
The Mumbai-based company Coverfox was reportedly in discussions with digital payments major Paytm for an acquisition but the deal did not go through.
Jha's predecessor Premanshu Singh left the company to join Paytm as Senior Vice-President. Its CTO Devendra Rane had also resigned at the same time.
The existing investors of Coverfox has now stepped in to save the company and look for strategic investors to drive growth in a highly competitive market where Policybazaar is the leader. Coverfox is backed by marquee investors like Accel, Catamaran Ventures, SAIF Partners and International Finance Corporation.
With the new leaders on board, Coverfox said that it is aiming to launch new products and leverage its technology platform to change the way insurance and bought and sold in the country.
Jha will mainly have the task of mentoring the mid and senior level leadership in the company and spearhead its operations. Its current CTO Ranjan has worked with Ola, DoorMint and BrowserStack in the past. At Coverfox, he will be responsible for overseeing product strategy and ensuring that the technological needs of the company are aligned with the company’s business goals."By having industry experts like Sanjib, Piyush, and Manish on board, we are confident that their leadership will prove immensely helpful in advancing our objectives and building a full-stack profitable model. The board members and investors are supportive of the decision and have confidence that this will create significant value for all the stakeholders," said Subrata Mitra of Accel.
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