InsuranceDekho Secures $60 Million in Series B Funding This is the second funding round for the Gurgaon-based start-up, with the total fundraising crossing USD200+ Million. In February, it secured USD 150 Million in a Series A round, making it the largest Series A funding raised by an Insurtech in South Asia.
By Paromita Gupta •
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InsuranceDekho, an insurtech start-up, has raised $60 million in a Series B funding round with participation from existing as well as new investors. The company will utilize the capital for its marketing activities, expanding its distribution presence, scaling up its tech platform, exploring inorganic growth opportunities, and for new initiatives such as Reinsurance.
"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," shares Ankit Agrawal, CEO and founder, InsuranceDekho.
This is the second funding round for the Gurgaon-based start-up, with the total fundraising crossing USD200+ Million. In February, it secured USD 150 Million in a Series A round, making it the largest Series A funding raised by an Insurtech in South Asia.
InsuranceDekho was founded in 2017 by Ankit Agrawal and Ish Babbar, under the aegis of CarDekho. The start-up is on track to achieve INR 3,600 crore premium this financial year and to have 2,00,000 agents on its platform by March'24. InsuranceDekho is present in 1500+ regions, covering 98 per cent of Indian pin codes. Over 90 per cent of its premium comes from tier 2 and beyond regions and has served over 6 million customers to date.
InsuranceDekho's existing investors include Goldman Sachs Asset Management, TVS Capital, and Avataar Ventures, while the newly onboarded investors include Mitsubishi UFJ Financial Group, Inc, Beams Fintech Fund and Yogesh Mahansaria Family Office.
"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," shares Amit Jain, CEO and Co-founder, CarDekho Group.
