InsuranceDekho secures $150M, largest-ever ‘Series A funding’ by Indian insurtech firm
Insurtech company InsuranceDekho on Tuesday (February 14) said it has raised $150 million in Series A funding led by Goldman Sachs Asset Management and TVS Capital Funds.
Touted as the largest-ever Series A round by an Indian insurtech company, the fresh funding, comprising a mix of equity and debt, also saw participation from Investcorp, Avatar Ventures, and LeapFrog Investments.
“The equity round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures, and LeapFrog Investments,” the company said in a release. This is the first time the firm has raised external funding.
InsuranceDekho, which was founded in 2016 by Ankit Agrawal and Ish Babbar, plans to use this funding to improve its technology, expand into new markets, launch new products in the health and life insurance categories, and support its micro, small, and medium enterprise (MSME) insurance business. The funding will also be used to strengthen the company’s leadership team.
Ish Babbar, Co-founder and CTO of InsuranceDekho, said that the funds raised would allow them to implement scalable Insurtech solutions in data analytics, artificial intelligence, last-mile servicing, and claims management, all while prioritizing customer experience.
TVS Capital has invested in the company through TVS Shriram Growth Fund III (Rs 2,000 crore). TVS Capital has invested over Rs 3,500 crore in 30+ companies and plans to fully deploy Fund III by 2025, while launching Fund IV with a focus on financial and business services, according to Praveen Sridharan, a partner at TVS Capital Funds.
InsuranceDekho aims to have over 200,000 insurance advisors on its platform by year-end, and it collaborates with most insurance providers, offering more than 380 products through direct integration with 46 insurance companies in India.
In FY22, InsuranceDekho experienced a 61% surge in revenue to Rs 47.91 crore from Rs 29.71 crore in FY21, and the company aims to attain an annualised premium run rate of Rs 3,500 crore by March 2023.
“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,” said Rajat Sood, managing director at Goldman Sachs Asset Management.
Covering 98% of the pin codes in the country, InsuranceDekho has a presence in over 1,300 towns.
Must Read:-
- Top 10 Largest Oceans and Seas in the World
- Top 10 automobile companies in India 2023
- Top 10 Electrical Companies in India 2023
- Top 10 Real Estate Companies in India-2023
- Top 10 most awaited & upcoming Hindi web series 2023-24
- Top 10 Clothing Brands in India 2023
- Top 10 best cultures in the world-2023
- Top 10 best country to work and live in 2023
- Top 10 best country for education 2023
- Top 10 Most Followed Celebrities on Instagram 2023
