InsuranceDekho Secures $60 Million In Ongoing Series B Funding Round

InsuranceDekho said on Tuesday that it has successfully raised $60 million in an ongoing Series B funding round. The funding round was led by Japan's Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif, and Beams Fintech.

The fresh fundraise comes a few months after the startup raised $150 million in a Series A round in February. According to the sources, the insurtech startup saw a 50% jump in valuation after the round. Some experts have pegged the post-round valuation at around $700 million to $750 million.

InsuranceDekho is the insurance unit of the used-car platform CarDekho.
The existing investors of the startup including TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures also participated in this round.

The company is expected to utilize these funds to boost marketing activities, expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities, and for new initiatives like Reinsurance to continue democratizing and revolutionizing the insurance landscape in India.

Noticeably, InsuranceDekho has been aggressively acquiring other players including Mumbai-based SME insurance platform Verak and IRSS, one of the largest institutional insurance distributors in Gujarat state in April 2023 in a bid to drive its expansion plans into the Indian hinterlands.

Founded in 2017 by Ankit Agrawal and Ish Babbar, InsuranceDekho is reportedly looking to earn around Rs 3,600 crore in premium for the current financial year (FY24) and is expecting to grow to Rs 6,000 crore over the next 12 months.

InsuranceDekho was founded in 2017 by Agrawal and Ish Babbar.