InsuranceDekho secures $60 million in funding

InsuranceDekho Funding: InsuranceDekho, an insurtech company based in Gurugram, has successfully secured $60 million in funding during its ongoing Series B round, consisting of a mix of equity and debt.

The investment was made by prominent financial institutions, including Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif through its insurtech fund managed by Eurazeo, and Beams Fintech Fund, alongside participation from existing investors like TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures.

This marks the second fundraising effort by InsuranceDekho in 2023, bringing its total raised capital to over $200 million. Earlier in February, the company raised $150 million in one of the largest Series A funding rounds ever seen in the insurtech sector. Remarkably, InsuranceDekho is among the rare startups to secure substantial Series A and Series B funding within the same year.

The funds acquired in this round will be directed towards enhancing the company's marketing efforts, expanding its distribution network across the nation, further developing its technology platform, and exploring potential inorganic growth opportunities, as stated by the firm in a press release.

About InsuranceDekho

InsuranceDekho offers users the ability to compare and purchase third-party insurance policies for various sectors, including vehicles, health, and life insurance. The primary source of revenue for the company comes from brokerage fees paid by insurance providers.

As a six-year-old startup, InsuranceDekho collaborates with a majority of insurance providers and claims to have direct integration with nearly 50 insurance companies.

According to data from startup intelligence platform TheKredible, InsuranceDekho reported revenues of Rs 96.5 crore in FY23, compared to Rs 47.9 crore in FY22. This two-fold increase in scale, combined with prudent spending, resulted in a 28.6% reduction in losses, bringing them down to Rs 51.6 crore in the last fiscal year.

The company asserts that it is on track to achieve Rs 3,600 crore in premiums for this fiscal year and aims to have 200,000 agent partners on its platform by March 2024. Presently, it operates in more than 1,500 regions, covering 98% of postal codes across the country, with over 90% of its premiums originating from tier II and beyond regions.

To date, InsuranceDekho claims to have served more than 6 million customers.