InsuranceDekho secures $60m in second funding round of the year

Photo credit: InsuranceDekho

India-based InsuranceDekho has raised US$60 million of equity and debt in its series B funding round. Investors include Mitsubishi UFJ Financial Group, BNP Paribas Cardif’s insurtech fund, and Beams Fintech Fund.

This is the InsuranceDekho’s second funding round in 2023. In February, the company received US$150 million from investors including Goldman Sachs Asset Management and TVS Capital Funds.

The fresh funds will be used for marketing initiatives, expanding distribution networks in rural India, scaling up its tech platform, and investing in new business initiatives.

Funding details

• Funding amount: US$60,000,000
• Investors: MUFG (Mitsubishi UFJ Financial Group), BNP Paribas Cardif, Beams Fintech Fund, Yogesh Mahansaria Family Office, TVS Capital Funds, Goldman Sachs Asset Management LP (高盛资产管理), Avataar Ventures
• Stage: Series B
• Source

Founded by Ankit Agrawal and Ish Babbar in 2016, InsuranceDekho allows consumers to compare different insurance policies and purchase the most suitable plan through its platform.

Its core business operates under the “agency vertical” model: Over 100,000 partner agents across India sell their policies through InsuranceDekho, which gets a commission from every sale. This agency business is profitable, and Agarwal told Tech in Asia that InsuranceDekho as a whole aims for the same milestone by the end of 2023.

In 2022, the firm collected nearly 19 billion rupees in premiums (US$228.2 million) and it aims for 36 billion rupees (US$432.5 million) this year.

Currently, its annual premium equivalent stands at about 30 billion rupees (US$350.4 million). The company said to have served over 6 million consumers to date.

InsuranceDekho is also looking to enter the reinsurance market, which helps an insurer transfer all or part of their risk to another insurer, providing added protection against the initial risk exposure.

Additionally, the company aims to add about 500 to 700 more team members by year-end. This would push its total headcount to over 2,500 people.

See also: Abrupt removal of loan insurance on Amartha frustrates lenders

Currency converted from Indian rupee to US dollar: US$1 = 83.2 rupees.