InsuranceDekho, a prominent insurtech company in India, has successfully raised $60 million in its ongoing Series B funding round, marking a significant milestone for the company and the insurtech sector. The fundraise includes a combination of equity and debt, attracting a lineup of new marquee investors while reaffirming the confidence of existing backers.
This marks the second fundraising effort for the Gurugram-based startup in 2023, bringing its total fundraising to $200 million, solidifying its position as a leading player in the Indian insurtech landscape. Notable new investors include Mitsubishi UFJ Financial Group from Japan, insurer BNP Paribas Cardif through its insurtech fund managed by Eurazeo, India-focused Beams Fintech Fund, and the Yogesh Mahansaria Family Office. Furthermore, existing investors, including TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures, have reinvested in the company, reinforcing their trust in InsuranceDekho’s vision.
In February of the same year, InsuranceDekho achieved a significant milestone by securing $150 million in the largest Series A funding round raised by an insurtech company in South Asia.
By successfully raising more than $200 million in a single year, InsuranceDekho has not only established itself as a leading Indian insurtech but has also joined the select group of startups capable of securing substantial Series A and Series B funding in the same year, a noteworthy achievement during an ongoing funding winter. This remarkable fundraising accomplishment is a testament to InsuranceDekho’s vision of making insurance accessible to every Indian and its robust business model.
Ankit Agrawal, CEO and founder of InsuranceDekho, expressed his gratitude, stating, “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 insurtech company plans to allocate the proceeds from this funding round to enhance its marketing efforts, expand its distribution presence in rural India, scale up its tech platform, explore opportunities for inorganic growth, and invest in initiatives like reinsurance to continue revolutionizing the insurance landscape in India.
Founded in 2017 by Ankit Agrawal and Ish Babbar, InsuranceDekho has witnessed remarkable growth and is on track to achieve Rs 3,600 crores in premium this financial year. Additionally, it aims to have 200,000 agent partners on its platform by March 2024. Currently, the insurtech company is present in over 1,500 regions, covering 98 percent of pin codes across India. It derives more than 90 percent of its premium from tier-II and beyond regions, having served more than 6 million customers to date and insuring 12 Indians every minute.
Shashank Joshi, Deputy CEO of MUFG Bank, India, emphasized the importance of increasing insurance accessibility in India and commended InsuranceDekho’s tech-driven last-mile distribution model. He cited the strong execution and visionary leadership of Ankit and Ish as key drivers in supporting all stakeholders in the insurance value chain.
The funding secured by InsuranceDekho not only reflects the company’s growing influence in the insurtech sector but also signifies its commitment to advancing insurance accessibility and innovation in India.