InsuranceDekho raises $60 million, surpasses $200 million in funding this year

Gurugram-based insurtech platform InsuranceDekho on Wednesday said it has raised $60 million in its ongoing Series B funding round, taking its total fundraise to over $200 million this year. Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif through its Insurtech fund managed by Eurazeo and Beams Fintech Fund joined the cap table while existing investors TVS Capital, Goldman Sachs Asset Management and Avataar Ventures also participated in the fresh round, a mix of equity and debt.

“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,” said Ankit Agrawal, CEO and Founder of InsuranceDekho. The startup plans to utilise 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 and explore inorganic growth opportunities. Founded by Agrawal and Ish Babbar in 2017, InsuranceDekho has witnessed a significant growth trajectory.

It is on track to achieve Rs 3,600 crore premium this financial year and is targeting to have 2,00,000 agent partners on its platform by March 2024, said the company. “Our entry into the Insurtech sector signifies a strategic commitment to increase insurance accessibility in India. InsuranceDekho's tech-driven last-mile distribution model perfectly aligns with our vision of advancing insurance outreach in India,” said Shashank Joshi, Deputy CEO MUFG Bank, India. InsuranceDekho was incubated within auto-tech and IPO-bound unicorn CarDekho Group. InsuranceDekho has served more than 6 million customers to date.

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