InsuranceDekho Raises Rs 1,200 Crore in Series A Funding
InsuranceDekho, an insurance policy aggregator platform, has raised over Rs 1,200 crore ($150 million) in a Series A round, marking one of the largest ever such rounds by an Indian insurtech company.
The fundraise was 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.
The Gurugram-based InsuranceDekho was founded in 2016 and incubated within the IPO-bound unicorn CarDekho. The holding company for InsuranceDekho is Girnar Insurance Brokers Pvt., which was granted a direct broker license by the Irdai in 2017.
The funds will be used in a five-pronged manner, Ankit Agrawal, founder of InsuranceDekho, told BQ Prime.
“The latest funding will be used to scale-up InsuranceDekho’s product and technology functions, expand to new markets, launch new innovative products in the health and life categories, grow the company’s MSME insurance business, strengthen its leadership team and pursue inorganic growth opportunities.”
The company’s app and website currently enables users to compare between 380 insurance policies, from over 46 insurance companies. The startup competes with listed player PolicyBazaar and several VC-backed companies—such as Acko, IPO-bound Go Digit, Coverfox and Turtlemint—that have raised large amounts of funding in the last few years.