Insurtech company InsuranceDekho has raised $60 million in its ongoing Series B funding round, which is a mix of equity and debt. Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif through its insurtech fund managed by Eurazeo, and Beams Fintech Fund joined the new round. Existing investors TVS Capital, Goldman Sachs Asset Management and Avataar Ventures also participated.
Entrackr exclusively reported about the new round in August.
This is the second fundraise for the Gurugram-based startup in 2023, taking its total fundraise to more than $200 million. In February, the firm raked in $150 million in one of the largest Series A fundings raised by an insurtech company. The firm is also amongst the very few startups to be able to raise large Series A and B funding in the same year.
InsuranceDekho plans to utilize the proceeds to boost its marketing activities, expand its distribution across the country, scale up its tech platform and explore inorganic growth, the firm said in a press release.
InsuranceDekho lets users compare and buy third party insurance policies for vehicles, health, life and more. The income derived from brokerage fees paid by insurance providers is the sole revenue stream for the company.
The six-year-old startup works with most insurance providers and claims to have direct integration with nearly 50 insurance companies.
InsuranceDekho posted Rs 96.5 crore in revenue in FY23 as compared to Rs 47.9 crore in FY22, according to startup data intelligence platform TheKredible. The two-fold jump in the scale and controlled expenditure helped the firm reduce its losses by 28.6% to Rs 51.6 crore in the last fiscal.
The firm said that it is on track to achieve Rs 3,600 crore premium this financial year and is targeting to have 2,00,000 agent partners on its platform by March 2024. Currently, it is present in more than 1,500 regions, covering 98% of pin codes across the country. As per the company, it gets over 90% premium from tier II and beyond regions.
So far, it claims to have served more than 6 million customers to date.