InsuranceDekho raises $70 mn in funding round led by Mitsubishi UFJ, BNP Paribas Cardif, Beams Fintech

Ankit Agrawal, co-founder and CEO, InsuranceDekho

Insurtech startup InsuranceDekho has raised $70 million in the latest funding round which was co-led private equity fund Beams Fintech Fund, Japan's Mitsubishi UFJ Financial Group (MUFG) and insurer BNP Paribas Cardif via its insurtech fund managed by European investment major Eurazeo.

The company plans to deploy the freshly raised funds in expanding its footprint, enhancing its tech stack and strengthening its position in the Indian insurance market.

The primary capital was raised at a slight premium to the previous valuation of around $700–$750 million back in October 2023, founder and CEO Ankit Agarwal told Moneycontrol, though refrained from disclosing the exact figure.

Aggarwal clarified that the $70 million round is ongoing, wherein the existing investors have doubled down. The firm has received interest from new investors, with a possibility of extending it to $85 million.

“We have not closed the round yet; we may take in another $10-$15 million more. All our existing investors have doubled down, and we will likely bring in one or two new investors. In this market, raising Rs 600-700 crore is a testament to what we have built,” he added.

Founded in 2017, the Gurugram-based insurance aggregator claims to have achieved a footprint across 99 percent of the country's pin codes and served over 1.02 crore customers nationwide, supported by a network of 2.20 lakh partners offering over 720 insurance products. These products span across categories such as motor, health, life, and corporate business.

It also provides investment plans such as ULIP, child plans, fixed deposits, and retirement plans besides other anciliary services.

"This capital will enable us to expand our reach, enhance our tech-driven offerings, and solidify our position as India’s go-to insurance platform. With our continued focus on digital transformation and customer-centric solutions, we are well-positioned to drive the next wave of insurance adoption in India," said Agrawal.

The funding round comes after the TVS Capital Funds and Investcorp-backed firm raised over $60 million in a Series B round in October 2023, after raising $150 million in Series A round in February 2023. Its other existing investors include Goldman Sachs, Avataar Ventures and LeapFrog Investments.

The company turned profitable in FY24 at Rs 86 crore Profit After Tax (PAT), compared to a loss of Rs 51 crore in FY23. Its standalone operating revenues surged 7.7x to Rs 743 crore from Rs 96.5 crore in the previous year. Per reports, the company is also in process to merge with smaller competitor RenewBuy in a cash-and-stock deal. The deal that will create India’s second-largest insurance aggregator, going head-on against its rival PB Fintech.

Sagar Agarvwal, Founder & Partner at Beams Fintech Fund, said, “We have been strong believers of InsuranceDekho’s vision since our initial investment. Their phenomenal growth, robust distribution network, and relentless focus on technology-driven accessibility make them a clear industry force. We have strong conviction in Ankit and the entire InsuranceDekho management team."