In an attempt to get things back on track, online insurance startup Coverfox has recast its leadership team with Sanjib Jha joining the company as Chief Executive Officer.
The company has also appointed Piyush Ranjan as the Chief Technology Officer and Manish Sultania as the Chief Finance Officer.
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.
Avaana Capital founder Sanjib Jha is also an investor in the fintech startup. Jha will be having a tough task in his hands of taking the company to new heights and get past the challenges of fundraising. Coverfox has been on the lookout for fresh financing to the tune of $50-$60 million.
The Mumbai-based company was earlier in talks with payments unicorn PayTM for an acquisition but the deal was not completed. Later, then CEO of Coverfox Premanshu Singh left the company to join PayTM as Senior Vice President. At the same time, Coverfox CTO Devendra Rane also resigned.
Coverfox’s other investors include Accel Partners, the personal investment arm of Infosys Co-Founder Narayana Murthy – Catamaran Ventures, SAIF Partners, US-based insurance giant Transamerica, International Finance Corp and Dutch insurance, pension, and asset management firm Aegon NV.
“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.
Coverfox was founded by IIT-Bombay graduate Devendra Rane along with MICA alumnus Varun Dua in 2013. The seven-year-old startup competes with the likes of Softbank-backed PolicyBazaar and Amazon-backed BankBazaar.
Sandeep is a journalism and mass communication graduate with a keen interest in politics and business. He is a part of Research & Content team at HrNxt.com.