InsuranceDekho, India’s leading Insurtech player, has raised $60 million in its ongoing Series B funding round, marking a significant milestone for the company. With this latest capital infusion, a mix of equity and debt, the company has attracted new marquee investors to its cap table while reaffirming the confidence of existing investors. This is the second fundraise for the Gurugram-based startup in 2023, taking its total fundraise to $200M+, further solidifying its position as the leading Indian Insurtech.
Japanese giant Mitsubishi UFJ Financial Group, Inc. (“MUFG”), the insurer BNP Paribas Cardif, through its Insurtech fund managed by European investment major Eurazeo, India- focused Beams Fintech Fund and Yogesh Mahansaria Family Office have come on board as new investors. InsuranceDekho’s existing investors, TVS Capital, Goldman Sachs Asset Management and Avataar Ventures, also invested, re-enforcing their confidence in the company. In February, InsuranceDekho had secured $150 million in the largest Series A funding raised by an Insurtech in South Asia.
By securing more than $200 million in a year, InsuranceDekho has not only emerged as the leading Indian Insurtech; but has also cemented its position amongst the very few startups to be able to raise large Series A and B funding in the same year, a significant win amidst the ongoing funding winter. This exceptional fundraise is a testimony of InsuranceDekho’s vision of insuring every Indian and its robust business model.
The Insurtech player plans to utilize the proceeds from this funding round to boost its marketing activities, further expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities, and for new initiatives like Reinsurance to continue democratizing and revolutionizing the insurance landscape in India.
Ankit Agrawal, CEO and founder of InsuranceDekho said,” We are incredibly thankful to our investors for trusting our vision and potential. Our aim has always been to make insurance accessible and user-friendly for all Indians, and this funding will allow us to accelerate our efforts, reach more customers, and innovate further in the Insurtech space. The insurance sector in India is at the cusp of a tech-backed revolution and I believe InsuranceDekho is well positioned as on of the pioneers leading this transformation.”
Founded by Ankit Agrawal and Ish Babbar in 2017, InsuranceDekho has witnessed a significant growth trajectory. It is on track to achieve ₹3,600 crores premium this financial year and is targeting to have 2,00,000 agent partners on its platform by Mar’24. Currently, the Insurtech player is present in 1500+ regions, covering 98% of pin codes across the country. It gets 90%+ premium from tier 2 and beyond regions. InsuranceDekho has served 6Mn+ customers till date and is currently insuring 12¹ Indians every minute.
‘Amit Jain, CEO and Co-founder of CarDekho Group added, “InsuranceDekho is expanding at a rapid pace and reaching remarkable milestones. The capital infused will accelerate its growth trajectory, providing the impetus to reach more underserved markets with a reliable insurance platform. This investment brings the company one step closer to its vision of enhancing insurance penetration across the nation. Under the dynamic leadership of Ankit and Ish alongside a great team, InsuranceDekho has demonstrated outstanding success, disrupting the Insurtech landscape in India. InsuranceDekho will continue to leverage tech, innovate and disrupt Insurtech space to be the pioneer in making insurance accessible to Bharat.”