India-based InsuranceDekho has raised $60 million Series B funding, a mix of equity and debt, as the startup looks to supercharge its growth.
The round was led by Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, Japan’s Mitsubishi UFJ Financial Group and Beams Fintech Fund.
Its existing investors TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures also invested, hence re-enforcing their confidence in the company.
According to the announcement, the funding will be used to boost InsuranceDekho’s 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 revolutionise the insurance landscape in India.
This is the InsuranceDekho’s second funding round in 2023, having secured $150 million back in February. The company has raised over $200 million, solidifying its position as the leading Indian insurtech, according to a spokesperson
Ankit Agarwal, 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 more 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 the transformation.”
InsuranceDekho was founded in 2017, and incubated within one of India’s biggest digital automotive solutions provider CarDekho Group. The insurtech helps consumers compare and buy insurance products from top-rated Indian insurance companies across Motor, Health, Life and Travel via its agent network.
Amit Jain, CEO and Co-founder of CarDekho Group, commented: “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 and bring it closer to its vision of increasing insurance penetration across the country. Under the leadership of Ankit and Ish, InsuranceDekho has achieved tremendous success by disrupting the Insurtech space in India.”
Albert Shyy, Managing Director at Eurazeo, noted: “The Indian insurance market is in the midst of a digital evolution and we feel InsuranceDekho is amongst the leading companies who are bringing insurance products to the wider market.
“We have been impressed with the talented team that Ankit and Ish have built around them and by the company’s strong performance in growing quickly yet efficiently. The company is a great fit within our Insurtech-focused fund and we are excited to be working together with the team going forward.”
