InsuranceDekho, India’s Insurtech player, has raised $60 million in its ongoing Series B funding round. As per the company, with this latest capital infusion, a mix of equity and debt, the company has attracted new marquee investors to its cap table while reaffirming the confidence of existing investors. The company plans to utilize the proceeds from this funding round to boost its 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 democratizing and revolutionizing the insurance landscape in India.
According to an official release, this is the second fundraise for the Gurugram-based startup in 2023, taking its total fundraise to $200 Million-plus.
Commenting on the fundraise, Ankit Agrawal, CEO and Founder of InsuranceDekho shared, “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 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 this transformation.”
InsuranceDekho
Founded by Ankit Agrawal and Ish Babbar in 2017, InsuranceDekho is claimed to be present in 1500+ regions, covering 98% of pin codes across the country. It gets 90%+ premium from tier 2 and beyond regions. InsuranceDekho has served 6 million+ customers till date and is currently insuring 12 Indians every minute.
By securing more than $200 million in a year, according to an official release, InsuranceDekho has cemented its position amongst the very few startups to be able to raise large Series A and B funding in the same year, a significant win amidst the ongoing funding winter. As per the founders, this fundraise is a testimony of InsuranceDekho’s vision of insuring every Indian and its robust business model.
While sharing the future strategies, the founders shared that InsuranceDekho has witnessed a significant growth trajectory. The company is on track to achieve INR 3,600 crore premium this financial year and is targeting to have 2,00,000 agent partners on its platform by Mar’24.
Deciphering insights about the company, Amit Jain, CEO and co-founder of CarDekho Group, said, “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. This investment brings the company one step closer to its vision of enhancing insurance penetration across the nation. Under the dynamic leadership of Ankit and Ish alongside a great team, InsuranceDekho has demonstrated outstanding success, disrupting the Insurtech landscape in India. InsuranceDekho will continue to leverage tech, innovate and disrupt Insurtech space to be the pioneer in making insurance accessible to Bharat.”
