Indian insurtech start-up InsuranceDekho has secured $70m (Rs6.09bn) in a funding round to steer expansion.
The capital injection will be used to bolster the company’s technology-driven services, expand its market reach and solidify its position in the insurance sector.
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The funding round was jointly led by Japanese conglomerate Mitsubishi UFJ Financial Group (MUFG), insurer BNP Paribas Cardif and Beams Fintech Fund, a private equity fund, the Economic Times reported.
All three of the investors were part of the company’s Series B round in October 2023, which raised $60m.
InsuranceDekho’s founder and CEO Ankit Agrawal told the news publication that the company is currently in talks to raise an additional $15–20m, and anticipates the participation of a new external investor in this round.
Agrawal added: “The fact that in this market, we have been able to raise around Rs6bn, backed by existing investors at a slight premium to the last round, shows the validation people have in our business.”
Since its inception in 2017, InsuranceDekho has utilised AI technology and an agent-led model to make insurance more accessible.
In January 2023, the company garnered $150m in a mix of equity and debt from a financing round led by Goldman Sachs Asset Management and TVS Capital Funds.
InsuranceDekho employs a point-of-sale person model, with a network of 220,000 partners offering more than 720 insurance products spanning motor, health, life, and corporate sectors.
With a licence from the Insurance Regulatory and Development Authority of India to function as a direct insurance broker, InsuranceDekho has forged partnerships with 49 insurance providers.
Looking ahead, Agrawal has set his sights on taking InsuranceDekho public within 15–18 months.
Commenting on the investment, Beams Fintech Fund founder and partner Sagar Agarvwal said: “We have been strong believers of InsuranceDekho’s vision since our initial investment. Their phenomenal growth, robust distribution network and relentless focus on technology-driven accessibility make them a clear industry force.”
In October last year, reports surfaced that InsuranceDekho is planning to acquire its competitor RenewBuy.
