In a significant move signaling robust growth, InsuranceDekho, a leading insurtech firm, has announced a successful $60 million fundraise in its Series B round. This round saw participation from eminent financial institutions like Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif via its insurtech-focused fund managed by Eurazeo, and Beams Fintech Fund. Additionally, long-standing investors such as TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures reiterated their confidence in the firm with continued financial backing.
This fundraise is InsuranceDekho’s second major capital infusion in 2023, elevating its total investments to a staggering sum of over $200 million. Earlier this year, the company made waves in the financial world by securing a whopping $150 million in its Series A round, one of the most substantial in the insurtech industry. InsuranceDekho’s success in securing back-to-back large-scale investments in a single year underscores its strong market presence and future potential.
The freshly acquired capital is earmarked for several growth-oriented initiatives. A major portion is allocated for ramping up marketing efforts. Additionally, the company aims to augment its distribution networks, making insurance solutions more accessible across the nation. On the technological front, enhancement of its platform for better efficiency and user experience is on the cards. Not just organic growth, InsuranceDekho is also keenly exploring avenues for inorganic expansion.
Operating for over six years, InsuranceDekho’s platform empowers users to judiciously compare and procure third-party insurance policies, covering vehicles, health, life, and more. Partnering with nearly 50 insurance companies, the firm has established itself as a trusted intermediary in the sector.
Recent financial data showcases the company’s upward trajectory. According to startup data intelligence agency, TheKredible, InsuranceDekho’s revenues surged to Rs 96.5 crore in FY23, a significant leap from Rs 47.9 crore in FY22. Coupled with efficient cost management, the firm managed to trim its losses by 28.6%, amounting to Rs 51.6 crore in the previous fiscal year.
With eyes set on the future, the company is on track to achieve a premium of Rs 3,600 crore this fiscal year. Furthermore, plans to onboard 2,00,000 agent partners by March 2024 are in full swing. Currently boasting a presence in over 1,500 regions and covering 98% of India’s pin codes, the firm derives a commendable 90% of its premium from tier II areas and beyond.
