Insurtech company InsuranceDekho has raised $150 million in Series A funding, consisting of a mix of equity and debt, led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and LeapFrog Investments.
This is the largest ever Series A round by an Indian insurtech company. The latest funding will be used to scale up InsuranceDekho’s product and technology functions, expand to new markets, and launch new products in the health and life categories, the company said in a press release.
The Gurugram-based company had already raised the first tranche of this round in January. Entrackr was the first to report the development. While the company did not disclose its current valuation, it was reportedly in talks to raise the Series A round at a valuation of $450-500 million.
InsuranceDekho was launched by automobile aggregator CarDekho in 2016 to make it easier for customers to compare and buy motor and health insurance. Founded by Ankit Agrawal and Ish Babbar, the company works with most insurance providers and claims to have direct integration with 46 insurance companies across India offering more than 380 insurance products including 175 products for health and life. The firm further intends to expand its portfolio by offering more products in near future.
During FY22, InsuranceDekho’s revenue jumped 61% to Rs 47.91 crore from Rs 29.71 crore in FY21. Insurance brokerage and commission was the only source of revenue for the company. The firm’s losses also spiked 55.6% to Rs 72.29 crore during the last fiscal year, as per its annual financial statement. On a group level, CarDekho registered Rs 1,597 crore in revenue in FY22. InsuranceDekho contributed only 3% to the overall revenue.
InsuranceDekho aims to achieve an annualized premium run rate of Rs 3,500 crore by March 2023.
The company is present in more than 1,300 towns covering 98% of pin codes in India and is working towards establishing 100% penetration in the country. By the end of this calendar year, it targets more than 200,000 insurance advisors active on its platform.
