InsuranceDekho, a leading insurtech company in India, has successfully secured $60 million in its ongoing Series B funding round, representing a significant achievement for the organization. This fresh injection of capital, comprising both equity and debt, has attracted new prominent investors while reaffirming the trust of existing stakeholders, thereby strengthening InsuranceDekho’s foothold in the Indian insurance technology sector.
The Series B funding round marks the second successful fundraising effort for the Gurugram-based startup in 2023, elevating its total funds raised to over $200 million, solidifying its position as a trailblazer in the Indian insurtech domain.
The investment was spearheaded by India-focused Beams Fintech Fund, contributing $10 million, alongside notable contributions from Mitsubishi UFJ Financial Group, Inc. (MUFG), insurer BNP Paribas Cardif, and Yogesh Mahansaria Family Office, all of which are new investors in the company.
Beams Fintech Fund backs InsuranceDekho Funding Plans
Commenting on the funding round, Sagar Agarvwal, Managing Partner of Beams Fintech Fund, emphasized the challenges prevalent in the Indian insurance landscape, highlighting the crucial role played by InsuranceDekho in fostering trust and accessibility. He stated, “The potential for growth in this sector is immense, and InsuranceDekho is building a robust platform to capitalize on this opportunity.”
Ankit Agrawal, CEO and founder of InsuranceDekho, expressed gratitude to the investors for their trust and support, emphasizing the company’s mission to make insurance accessible to all Indians. He underscored the transformative potential of technology in revolutionizing the insurance sector, positioning InsuranceDekho as a pioneering force in this ongoing transformation.
Since its establishment in 2017, the fintech firm has experienced a remarkable growth trajectory, anticipating a premium of Rs 3,600 crore in the current financial year. The company aims to expand its network to include 200,000 agent partners by March 2024, currently operating in over 1,500 regions, covering nearly all pin codes across the country. Notably, more than 90% of its premiums are derived from Tier 2 and beyond regions.
Amit Jain, CEO and Co-founder of CarDekho Group, commended InsuranceDekho’s remarkable progress, highlighting the infusion of capital as a catalyst for further growth and expansion into underserved markets. He underscored InsuranceDekho’s commitment to enhancing insurance penetration throughout India, leveraging technology and innovation to redefine the insurtech landscape.
InsuranceDekho remains dedicated to its mission of democratizing the insurance sector in India, poised to leverage the recent funding to intensify its marketing endeavors, expand its distribution network, enhance its technological infrastructure, explore strategic growth opportunities, and introduce new initiatives such as re-insurance.
As it continues to blaze a trail in the insurtech domain, the fintech firm aims to remain at the forefront of making insurance accessible to the masses in Bharat.
