Insurtech player InsuranceDekho raises $60 mn in Series B funding round

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 $200 million, further solidifying its position as the leading Indian insurtech. Japanese giant Mitsubishi UFJ Financial Group, 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 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 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.

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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 one of the pioneers leading this transformation.”

The insurtech player plans to utilise 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 democratising and revolutionising the insurance landscape in India.

Founded by Ankit Agrawal and Ish Babbar in 2017, InsuranceDekho has witnessed a significant growth trajectory. It is on track to achieve Rs 3,600 crores premium this financial year and is aiming for 200,000 agent partners on its platform by March 2024. Currently, the insurtech player is present in more than 1500 regions, covering 98 per cent of pin codes across the country. It gets more than 90 per cent premium from tier-II and beyond regions. InsuranceDekho has served more than 6 million customers till date and is currently insuring 12 Indians every minute.

Amit Jain, chief executive officer 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."

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Shashank Joshi, deputy CEO, MUFG Bank, India said, “MUFG's dedication to fostering a sustainable and inclusive future is at the core of our investment ethos. Our entry into the Insurtech sector signifies a strategic commitment to increase insurance accessibility in India. InsuranceDekho's tech-driven last-mile distribution model perfectly aligns with our vision of advancing insurance outreach in India. We commend the visionary leadership of Ankit and Ish, and their strong executional approach that adds value for all the stakeholders in the insurance value chain. Together, we commence this journey with InsuranceDekho, with the objective of supporting the company’s growth journey going forward”.