Beams Fintech Fund leads $70 Mn round in InsuranceDekho

Entrackr · 2d

Beams Fintech Fund leads $70 Mn round in InsuranceDekho Insurtech company InsuranceDekho has raised a $70 million funding round co-led by Beams Fintech Fund, Japan’s Mitsubishi UFJ Financial Group (MUFG), and insurer BNP Paribas Cardif through its insurtech fund managed by European investment major Eurazeo. Entrackr reported on the current round two months ago. In October 2023, the Gurugram-based firm secured $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group. Founded in 2017 by Ankit Agrawal, InsuranceDekho enables customers to compare and purchase insurance policies, including motor, health, travel, and pet insurance. It also provides various investment plans such as ULIP, child plans, fixed deposits, and retirement plans. The company collaborates with most insurance providers and boasts direct integration with nearly 50 companies. Additionally, InsuranceDekho is in the process of merging with RenewBuy and is awaiting regulatory approvals. “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,” Agrawal said in a press release. To date, InsuranceDekho claims to have served over 10.2 million customers nationwide, with 21 new policies issued every minute on its platform. It has achieved a footprint across 99% of the country’s pin codes, supported by a network of 220 K partners offering over 720 insurance products across categories such as Motor, Health, Life, and Corporate Business. According to TheKredible, InsuranceDekho managed seven-fold growth in its revenue which surged to Rs 743.6 crore in FY24 from Rs 96.5 crore in FY23. Moreover, InsuranceDekho clocked a profit of Rs 85.71 crore in the last fiscal year. This is Beams Fintech Fund's second investment in 2025, following a Rs 200 crore investment in a pre-IPO opportunity with one of India's largest unlisted NBFCs specializing in used commercial vehicle finance. The company is set to go public in June 2025.