Running for Cover- Business Unusual

At Entrepreneur, we believe the best learning an entrepreneur can get is from an entrepreneur. We asked founders to share a turnaround story of their company

learn more about Punita Sabharwal

By Punita Sabharwal

Sanjib Jha, CEO, Coverfox

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


In the first quarter of 2020, before Covid-19 struck the world, Coverfox went through an existential crisis as the entire founding and leadership team, including the then CEO and CTO, walked out to join the competition. The company had about 700 employees at the time, and almost hundreds left in hordes. Adding to the challenge, the company faced an enormous cash flow crisis. Just when the situation stabilized a little, Covid-19 became a serious issue as the call center operations were being hampered due to work from home - covid rule.


Sanjib Jha took over as the interim CEO and took the challenge head-on to stabilize and grow Coverfox! As a first step, he had to quickly get a leadership team in place and find people from outside the company because almost no one from the senior leadership team was left in the organization.

To keep things afloat and maintain business continuity, the newly appointed CTO, Piyush Ranjan, made it possible for Coverfox's call center to operate virtually!

Once the leadership team was in place, the next to-do item on the agenda was to communicate with the larger team, motivate them, and answer their queries and concerns.

"We ended FY22 at a high note of Rs. 7 Cr monthly revenue run rate, which was Rs.1.5 Cr a month at the beginning of the financial year. It took us 21 months to significantly reduce the burn from Rs. 8 crore a month to Rs. 70-80 lakhs owing to our new business vision."


From the employees' standpoint, the issue of trust and motivation was rebuilt by Sanjib Jha, CEO, through open communication at town hall meetings, to assure the employees that he would not abandon them and that the company is not being shut down.

Coverfox ended FY21 with Rs 24 crore in revenues after Sanjib Jha undertook a move to change the business model from being a lead-generation platform to a technology company with the capability to simplify insurance purchases and embed its pipeline to various insurers on different digital platforms. Over the past couple of months, the company has increased its revenue and slashed its burn rate by 90%.

Most of this success comes from the company's effective talent strategy, which is now incubating big ideas in its employees. For E.g.- its newly launched insurance infrastructure-as-a-service product, CoverStack, was an idea borne out of a town hall meeting and is now its growth engine. In FY22, the company achieved Rs. 34 Crore in revenue and aims to quadruple it to Rs 127 crore in FY23.

Punita Sabharwal

Deputy Editor, Entrepreneur India Magazine

Related Topics

News and Trends

Seven Books To Get Your Hands On To Start Investing

'An investment in knowledge pays the best interest' once noted Benjamin Franklin, and it stands true even after two centuries. Here are seven books to help the novice in you get started on investing


Invest in Yourself: 10 Things Every Working Woman Should Do This Year

When striving for success, it is easy to forget about your mental and physical health. But without health, you cannot fully succeed. Follow these ten lifestyle strategies for success in your personal and professional life.

Thought Leaders

5 Small Daily Habits Self-Made Millionaires Use to Grow Their Wealth

We've all seen what self-made millionaires look like on TV, but it's a lot more subtle than that. Brian Tracy researched what small daily habits these successful entrepreneurs adopted on their journey from rags to riches.


The 7 Qualities of People Who Are Highly Respected

Leaders are judged on their results and respected for how well they treat people.


20 Ways to Achieve Street Smart Wisdom for Leaders and Entrepreneurs

Leaders need to be street-smart to stay ahead of the curve, make educated decisions and continue to be successful.