InsuranceDekho, founded in 2016 by Ankit Agrawal and Ish Babar, is poised to raise up to $100 million in a fresh funding round. This round sees the participation of major investors, including C Investments, Beams Fintech Fund, MUFG Bank Limited, and an undisclosed Indian bank. The funding will value the insurtech startup between $750 million and $800 million.
The company has already secured ₹122 crore (approximately $14.5 million) in this round. Breaking it down:
- C Investments contributed ₹63.2 crore,
- Beams Fintech Fund invested ₹9.5 crore, and
- MUFG Bank Limited added ₹49.3 crore.
This funding comes 15 months after the company's $60 million Series B round, which included equity and debt financing, led by Mitsubishi UFJ Financial Group (MUFG) and BNP Paribas Cardif.
About InsuranceDekho
InsuranceDekho is a digital platform enabling customers to compare and purchase various insurance products such as:
- Motor Insurance,
- Health Insurance,
- Travel Insurance, and
- Pet Insurance.
In addition, the company offers investment plans like ULIPs, child plans, fixed deposits, and retirement plans. InsuranceDekho partners with nearly 50 insurance providers and is currently awaiting regulatory approval for its merger with RenewBuy.
Financial Performance
InsuranceDekho has experienced exceptional growth, reporting a seven-fold increase in revenue for the fiscal year ending March 2024. Revenue surged to ₹743.6 crore from ₹96.5 crore in the prior year. The company also achieved a net profit of ₹85.71 crore, showcasing its profitability and operational efficiency.
Our Opinion on the News
InsuranceDekho's successful fundraising during a challenging period for the tech and startup ecosystem is a testament to its scalable business model and strong investor confidence. The involvement of prominent investors, including a leading Indian bank, signals increased credibility and institutional backing for the company.
The substantial revenue growth and profitability figures reflect InsuranceDekho’s ability to address growing consumer demand for digital insurance solutions effectively. Furthermore, the anticipated merger with RenewBuy could consolidate its market position and bolster its product portfolio.
With the fresh infusion of capital, InsuranceDekho is expected to continue its expansion while innovating in the insurtech space, setting the stage for future growth and further investments in India's booming digital insurance market.