Insuretech startup Insurance Dekho raises $150 million in latest funding round
The largest ever series A round by an Indian insurtech company, InsuranceDekho, India’s leading insurtech player, announced today that it had raised $150 million in equity and debt. Goldman Sachs Asset Management and TVS Capital Funds participated in the equity round, which also included Investcorp, Avataar Ventures, and LeapFrog Investments. In 2016, Ankit Agrawal and Ish Babbar founded InsuranceDekho. The company has seen significant premium growth since its inception, and by March 2023, it intends to achieve an annualized premium run-rate of INR 3,500 crores. The most recent funding will be used to scale up InsuranceDekho’s product and technology functions, expand into new markets, introduce novel health and life insurance products, strengthen the leadership team, and investigate organic growth opportunities. InsuranceDekho’s CEO and co-founder, Ankit Agrawal, stated: When it comes to the country’s insurance penetration, we need to go beyond the urban areas. We are expanding our reach and will continue to build on our tech-based solutions and empowered advisors in order to serve every village and region of India by the end of the year in order to achieve our goal of democratizing insurance for the general public.
InsuranceDekho is well-positioned to satisfy every Indian’s insurance requirements as India’s insurance industry is about to undergo a revolution. InsuranceDekho’s CTO and co-founder, IshBabbar, stated: The distribution of insurance in India is a complicated issue that necessitates creative solutions. We will be able to deploy scalable Insurtech solutions in the areas of data analytics, AI, last mile service, and claims management thanks to the fundraising effort, which will keep the customer experience at the center of everything. CarDekho Group’s CEO and co-founder, Amit Jain, stated: CarDekho Group has promoted the culture of being a “House of Founders,” which has fostered a variety of disruptive ideas and propelled these businesses to the orbit of sustainable growth with profitability. The company thrives on the robust value system and celebrates the spirit of entrepreneurship. It is encouraging to observe that InsuranceDekho, under Ankit’s leadership, has advanced significantly in its efforts to disrupt the Indian insurance technology market by utilizing its unrivaled unit economics, the best technology, phenomenal partner practices, and innovation to redefine stakeholder experience standards. RajatSood, a Goldman Sachs Asset Management Managing Director, stated: The Indian insurance industry is being transformed by technological innovation by making coverage more readily available and less expensive. InsuranceDekho has demonstrated a demonstrated capacity to attract brand-new insurance channel partners to their platform while simultaneously empowering them with technology-based solutions and collaborating closely with insurers. We anticipate utilizing our global domain expertise and assisting the management team in its expansion to offer more solutions and broader coverage across the nation.