InsuranceDekho Raises $150 Mn In Series A Funding Round
Insurtech platform InsuranceDekho has raised USD 150 million in a Series A round consisting of a mix of equity and debt funding.
Goldman Sachs Asset Management and TVS Capital Funds led the equity round. Investcorp, Avataar Ventures and LeapFrog Investments also participated in the funding round.
As per the startup, the freshly raised funding will be used to scale up InsuranceDekho’s product and technology functions, expand to new markets, and launch new innovative products in the health and life categories.
The raised capital will also be used to grow the company’s Micro, Small & Medium Enterprise (MSME) insurance business, strengthen its leadership team and pursue inorganic growth opportunities.
InsuranceDekho | Insurtech Platform
Founded by Ankit Agrawal and Ish Babbar in 2016, InsuranceDekho is an online platform that lets you compare insurance quotes from top-rated insurance companies and purchase the insurance policy that best suits your needs.
The firm, since its inception, has seen significant premium growth and aims to achieve annualised premium run-rate of Rs 3,500 crores by March 2023.
Speaking about the development, Ankit Agrawal, CEO and Co-founder of InsuranceDekho, said,
“We need to go beyond the urban regions when it comes to insurance penetration in the country. To realise our goal of democratising insurance for the general public, we are expanding our reach and will continue to build on our tech-based solutions and empowered advisors so that they can serve every village and region of India by the end of the year. India is on the verge of a revolution in insurance, and InsuranceDekho is well positioned to meet the insurance needs of every Indian.”
By the end of the calendar year 2023, InsuranceDekho aims to have more than 200,000 insurance advisors active on its platform. As per the firm, most InsuranceDekho insurance advisors generally observe a threefold increase in total household income within six months of being associated with the company.
Commenting on the development, Rajat Sood, a Managing Director at Goldman Sachs Asset Management, said,
“InsuranceDekho has demonstrated a proven ability to bring new-to-insurance channel partners to their platform while empowering them through technology-based solutions and working closely with insurers. We look forward to leveraging our global domain expertise and supporting the management team in its expansion to provide broader coverage and more solutions nationwide.”
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