Insurtech InsuranceDekho raised $60 M Series B funding in equity and debt round
InsuranceDekho, an insurtech company, has raised $60 million in its current Series B funding round, a combination of equity and debt. The new round of investors included Mitsubishi UFJ Financial Group (MUFG), Beams Fintech Fund, and BNP Paribas Cardif through its insurtech fund managed by Eurazeo. Along with them were previous investors TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures.
The Gurugram-based startup has raised more than $200 million overall as of this second fundraising effort in 2023. One of the largest Series A fundings raised by an insurtech company, the company raised $150 million in February. Additionally, the company is one of the extremely few startups that was able to secure significant Series A and B funding in the same calendar year.
According to a press release from the company, InsuranceDekho plans to use the money to expand its distribution across the nation, ramp up its tech platform, and explore inorganic growth.
Users of InsuranceDekho can shop for and compare third-party insurance policies for automobiles, health, life, and other things. The only source of revenue for the business comes from brokerage fees that insurance companies pay.
The six-year-old startup collaborates with the majority of insurance providers and states that it has direct integration with close to 50 insurance providers.
According to startup data intelligence platform TheKredible, InsuranceDekho’s revenue in FY23 was Rs 96.5 crore as opposed to Rs 47.9 crore in FY22. The company’s losses were cut by 28.6% to Rs 51.6 crore in the previous fiscal year thanks to a two-fold increase in scale and carefully managed spending.
According to the company, it is on track to earn Rs 3,600 crore in premium this fiscal year and aims to have 200,000 agent partners using its platform by the end of March 2024. It currently covers 98% of the country’s pin codes and is present in more than 1,500 regions. According to the company, it receives over 90% of its premium from tier II and higher regions.
It claims to have served more than 6 million customers to date.
