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InsuranceDekho to raise up to $100 Mn with bank's participation

InsuranceDekho has already raised Rs 122 crore (approximately $14.5 million) led by C Investments and with the participation of Beams Fintech Fund and MUFG Bank Limited.

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Kunal Manchanada
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Insurtech company InsuranceDekho is set to mop up to $100 million in a new round led by existing investors including C Investments, Beams Fintech Fund and MUFG Bank Limited.

“Along with the aforementioned investors, an Indian bank is also joining the new round which will value InsuranceDekho in the range of $750-800 million,” said one of the sources requesting anonymity.

The company has already raised Rs 122 crore (approximately $14.5 million) led by C Investments and with the participation of Beams Fintech Fund and MUFG Bank Limited, its regulatory filings show.

C Investments invested Rs 63.2 crore while Beams Fintech Fund and MUFG Bank Limited pumped in Rs 9.5 crore and Rs 49.3 crore, respectively, as per the filings.

The fresh funding is coming after 15 months of its Series B round worth $60 million which was a mix of equity and debt. Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif through its insurance fund.

Queries sent to InsuranceDekho on Saturday remain unanswered until publication of this story.

InsuranceDekho helps customers compare and buy motor, health, travel, and pet insurance. It also offers several investment plans, including ULIP, child, fixed deposit, and retirement plans. The six-year-old startup works with most insurance providers and claims to have direct integration with nearly 50 companies. The company is also merging with RenewBuy and awaiting regulatory approvals.

During the previous fiscal year ended March 2024, InsuranceDekho managed seven-fold growth in its revenue which surged to Rs 743.6 crore in FY24 from Rs 96.5 crore in FY23. Moreover, InsuranceDekho clocked a profit of Rs 85.71 crore in the last fiscal year.

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