Indian insurtech InsuranceDekho has raised $150 mn in Series A funding consisting of a mix of equity and debt, in the largest ever series A round by an Indian Insurtech.
The Series A round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and existing investor, LeapFrog Investments.
Launched in 2016 by Ankit Agrawal and Ish Babbar, InsuranceDekho enables consumers to compare different insurance policies based on their requirements and helps them purchase the most suitable plan.
India is on the verge of a revolution in insurance, and InsuranceDekho is well positioned to meet the insurance needs of every IndianAnkit Agrawal, CEO and Co-founder, InsuranceDekho
Insurtech currently has tie-ups with 46 insurance companies offering more than 380 plans on its platform and an estimated 10 Indians buy a policy from InsuranceDekho every minute.
The company has seen significant premium growth and aims to achieve an annualised premium run-rate of INR 3,500 crores by March 2023.
The latest funding will be used to scale up InsuranceDekho’s product and technology offerings, roll out its services into new markets, launch new products in the health and life categories, grow the company’s Micro, Small & Medium Enterprise (MSME) insurance business, and strengthen its leadership team.
Insurance distribution in India is a complex problem that needs innovative solutions. The fundraise will enable us to deploy scalable Insurtech solutions in the areas of data analytics, Artificial Intelligence, last mile servicing and claims managementIsh Babbar, CTO and Co-founder, InsuranceDekho
Data shows that currently, India’s insurance penetration is 4.2% of GDP compared to 12% in the USA and 7% globally. Reports show that almost 85% of India’s existing insurance premiums are centred in cities.
Part of InsuranceDekho’s mission is to provide access to insurance throughout the country, increase in total household income within six months of being associated with the company.
CarDekho, run by Girnar Software, is sharpening focus on its insurance platform InsuranceDekho even as it scales down its asset-heavy used car marketplace to pursue an auction model.
CarDekho expects to post Ebitda (earnings before interest, taxes, depreciation, and amortization)-level profitability by the third quarter of FY2024.
Founded in 2008 by siblings Amit and Anurag Jain, CarDekho ventured into the pre-owned car retail market under the ‘Gaadi’ brand name in 2019, and later launched lending platforms and other verticals. Most of the individual businesses are already profitable, while it expects to add investments in others to make them grow faster.
CarDekho also ventured into overseas markets such as Indonesia and expects an annual revenue rate of up to $26 million from Southeast Asia.
by Yana Keller