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Insurtech start-up InsuranceDekho has raised $60 million in its ongoing Series B funding round.
The latest capital infusion is a mix of equity and debt and has onboarded new investors, including Japanese giant Mitsubishi UFJ Financial Group, Inc. (MUFG), the insurer BNP Paribas Cardif, through its insurtech fund managed by European investment major Eurazeo, the India-focused Beams Fintech Fund, and Yogesh Mahansaria Family Office.
The round also saw participation from existing investors such as TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures.
Further, this marks the second fundraiser for the Gurugram-based start-up in 2023, taking its total fundraising to more than $200 million, it said in a release. Earlier this year, the start-up had $150 million in the largest Series A funding raised by an insurer in South Asia.
Fund utilisation
The insurtech player plans to utilise the funds to boost its marketing activities, expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities, and fund new initiatives such as Reinsurance to continue democratising and revolutionising the insurance landscape in India.
“We are thankful to our investors for trusting our vision and potential. Our aim is to make insurance accessible and user-friendly for all Indians, and this funding will allow us to accelerate our efforts, reach more customers, and innovate further in the insurtech space,” said Ankit Agrawal, CEO and founder of InsuranceDekho.
Founded by Ankit Agrawal and Ish Babbar in 2017, it claims to be on track to achieve a ₹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 per cent of pin codes across the country. To date, it has served more than 6 million customers.
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