Exclusive: InsuranceDekho raises Rs 300 Cr led by Goldman Sachs

CarDekho’s insurance unit InsuranceDekho has raised Rs 300 crore or $36.5 million led by West Street Global (an investment arm of Goldman Sachs group). This is the first external investment round for the Gurugram-headquartered company since its inception.

The board at InsuranceDekho has passed a special resolution to issue 1,49,16,506 equity shares at a price of Rs 201.12 each to raise Rs 300 crore or $36.5 million, regulatory filing filed with the Registrar of Companies shows.

Westsreet Global led the round with Rs 153.5 crore while the TVS capital fund pumped in Rs 72.35 crore during the round.

Investcorp Private equity, Avataar Ventures, Alstroemeria Investments, and individual investors such as Vineet Dhingra, N Laxmi Narayan, Shridham sons, and others collectively participated with Rs 74.15 crore.

Following the new proceeds, Westsreet Global holds a 14.71% stake in InsuranceDekho while TVS Capital, Avataar Ventures, and Investcorp command 6.95%, 2.69%, and 1.44% respectively.

As per Fintrackr’s estimates, the company has been valued at around Rs 1,100 crore or $135 million (post-allotment). The company may raise more funds in this round. It was reportedly in talks to raise $150 million in Series A at a valuation of $450-500 million.

InsuranceDekho was launched by automobile aggregator CarDekho in 2019 to make it easier for customers to compare and buy motor and health insurance. Led by Ankit Agrawal, the platform has since expanded into other forms of insurance like life, term, and retirement plans.

Insurance brokerage and commission is the only source of revenue for Insurance Dekho which scaled 61% to Rs 47.91 crore in FY22 from Rs 29.71 crore in FY22. The losses of the company spiked 55.6% to Rs 72.29 crore during the last fiscal year. On a group level, CarDekho registered Rs 1,597 crore in revenue in FY22. InsuranceDekho contributed only 3% to the overall revenue.