An insurtech platform called InsuranceDekho, owned by the CarDekho Group, has raised $150 million in Series A funding. Investors including Investcorp, Avataar Ventures, and LeapFrog Investments, as well as Goldman Sachs Asset Management and TVS Capital Funds.
By March 2023, InsuranceDekho, founded in 2016 by Ankit Agrawal and Ish Babbar, hopes to reach an annualised premium run-rate of Rs 3,500 crore. The money will be used to advance technology, expand into new markets, and introduce new health and lifestyle products. The most recent funding will also be used by InsuranceDekho to introduce brand-new, cutting-edge products. In the health and life categories, expand the company’s MSME insurance business, and fortify its executive team.
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The CEO and co-founder of InsuranceDekho, Ankit Agrawal, also mentioned that the business has always had a low burn rate. That he anticipates InsuranceDekho turning a profit within the next 12 months. “Despite the fact that insurance is essential for everyone’s financial security, it only accounts for 4.2% of Indian GDP as opposed to 7.4% globally. Accessing the middle and lower middle class populations in India’s upcoming 1000 towns is key in this situation. “InsuranceDekho is providing a strong mechanism for this penetration to grow,” said Praveen Sridharan, a partner at TVS Capital Funds. TVS Shriram Growth Fund III, a subsidiary of TVS Capital, made an investment of Rs 2,000 crore in the business. Over 30 companies have received investments from TVS Capital totaling about Rs 3,500 crore.
When it comes to insurance penetration in the country, we must look beyond the cities. “We are extending our reach and will keep developing our tech-based solutions and empowered advisors. So that they can serve every village and region of India by the end of the year. In order to realise our goal of democratising insurance for the general public,” “Agrawal said. India’s current insurance premiums are concentrated in metro and Tier 1 cities to an extent of about 85%. InsuranceDekho intends to change that. 82% of InsuranceDekho’s premiums come from Tier 2 and higher regions as part of its goal to make insurance accessible across the nation.
By the end of this year, more than 2,00,000 insurance advisors should be active on InsuranceDekho’s platform. More than 380 insurance products, including 175 health and life insurance products, are offered. By InsuranceDekho through partnerships with multiple insurance providers and integration with 46 insurance companies in India. In the near future, InsuranceDekho plans to add more products to its portfolio. The only investment bank to participate in the fundraising was Haitong Securities India.
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It’s encouraging to see how far InsuranceDekho has come under Ankit’s direction as it continues to disrupt the Indian insurtech market by utilising its unmatched unit economics, superior technology, outstanding partner practises, and innovation to set new standards for stakeholder experience. Girnar Insurance Brokers (GIBPL) owns the trademark InsuranceDekho.
