InsuranceDekho raises $36.5 Mn, and prepares for IPO

Gurugram-based insurtech startup InsuranceDekho has raised $36.5 million in a funding round led by West Street Global, the investment arm of Goldman Sachs.

InsuranceDekho was launched in 2019 as a platform for customers to purchase motor and health insurance. Since then, the company has expanded into a range of other insurance products including life, term, and retirement plans.

“We believe that public listing will be one of the key milestones in our journey, and we are definitely evaluating it subject to requisite approvals and conducive market conditions,” said Mayank Gupta, Group Chief Financial Officer at CarDekho.

InsuranceDekho expands insurance offerings

InsuranceDekho was launched in 2019 as a platform for customers to purchase motor and health insurance. Since then, the company has expanded into a range of other insurance products including life, term, and retirement plans.

In 2020, InsuranceDekho received $20 million in funding from its parent company, GirnarSoft, which it said it would use to strengthen its tech, product, and sales teams.

The recent funding round will allow InsuranceDekho to continue growing and expanding its offerings. West Street Global led the round with a $153.5 million investment, taking a 14.71% stake in the company. TVS Capital Fund also participated, investing $72.35 million for a 6.95% stake. Other investors, including Investcorp Private Equity, Avataar Ventures, and Alstroemeria Investments, also participated, investing a total of $74.15 million.

CarDekho’s financial performance has been improving in recent years. In 2022, the company reported a loss of $34 million, down from a loss of $47 million the previous year. The company aims to become profitable by 2024 and is also reportedly preparing for an initial public offering, which is expected to take place in early 2023.

According to the RoC filings with the Registrar of Companies, the Gurugram-headquartered company InsuranceDekho board has passed a special resolution to issue 1,49,16,506 equity shares at a price of Rs 201.12 each to raise Rs 300 crore.

The round was also participated by TVS Capital Fund, Investcorp Private Equity, Avataar Ventures, Alstroemeria Investments, and other individuals. This is the first external investment round for InsuranceDekho, which is the insurance arm of CarDekho, a leading car-focused online marketplace in India.

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