In 2021, just 4.2% of India’s GDP was covered by insurance, which is lower than the 7% worldwide average. Additionally, metros and Tier 1 cities account for the bulk of insurance rates.
By providing insurance to 600,000 Indian communities, InsuranceDekho hopes to alter this perception.
A number of investors, including Goldman Sachs Asset Management, TVS Capital Funds, Investcorp, Avataar Ventures, and LeapFrog Investments, have recently contributed US $150 million to the firm in series A investment, which is made up of a combination of stock and debt.
According to a press statement, this is the largest series A investment ever raised by an Indian insurtech company.
In 2016, Ankit Agrawal and Ish Babbar founded InsuranceDekho, a website that enables customers to evaluate several insurance plans and select the one that best suits their needs. More than 380 policies are available on its site, which includes partnerships with 46 different insurance providers. More than 200,000 insurance advisors are expected to use the startup’s platform.
“We need to go beyond the urban regions,” CEO and co-founder Agrawal said. “We will continue to build on our tech-based solutions and empowered advisors so that they can serve every village and region of India by the end of the year.”
Partner at TVS Capital Funds Praveen Sridharan stated that the VC company is persuaded by InsuranceDekho’s “agency model and digital DNA.”
The business will utilise the investment, among other things, to expand its MSME insurance portfolio and provide new products in the health and life categories.
Part of the unicorn car-search company CarDekho Group is InsuranceDekho.
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