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Decoding InsuranceDekho’s back-to-back funding rounds amidst a funding winter

Economic Times

Economic Times · 1y ago

Decoding InsuranceDekho’s back-to-back funding rounds amidst a funding winter

InsuranceDekho, an Indian online insurance marketplace, has secured a $60 million funding round, valuing the company at approximately $700 million. This funding round occurred only a year after the company raised $150 million in one of the largest series A funding rounds. Unlike other fintech startups, InsuranceDekho combines online insurance services with a strong physical operation. The company is unique in that it focuses solely on the distribution of insurance, while others pursue insurance manufacturing licenses. InsuranceDekho has around 110,000 field agents and plans to scale up to 200,000 agents by the end of FY2024, focusing on smaller cities and towns in India.

Related News

Weekly funding plummets over 80% to $30 million

Economic Times

Economic Times · 1y ago

Weekly funding plummets over 80% to $30 million

The funding climate for Indian technology startups took a hit, with funding dropping to $29.7 million across 6 funding rounds in the week of November 13 to 17. This marks a significant decline from the $189 million raised across 34 rounds during the same week in 2022. The average deal value also decreased to $4.95 million from $5.6 million in 2022. The funding winter, which began in September 2022, is expected to slow down deal-making activity until early January.

Decoding healthtech startup Sugar.fit’s Series A funding round

Entrackr

Entrackr · 1y ago

Decoding healthtech startup Sugar.fit’s Series A funding round

Diabetes management startup Sugar.fit has secured $11 million in a Series A funding round led by MassMutual Ventures. The funding will be used to expand the company's product offering, establish an offline presence, and further research and development in the field of diabetes management. The company has been valued at approximately $60 million post-money, and has raised a total of $21 million across two funding rounds. Sugar.fit provides a comprehensive diabetes care program, integrating various devices and offering access to specialists and health coaches.

Startup funding rises 23% on year to $326 million this week

Economic Times

Economic Times · 1y ago

Startup funding rises 23% on year to $326 million this week

In the first week of June, technology startups secured a total funding of $326.1 million, marking a 22.6% increase compared to the same period last year. The majority of this funding came from a $200-million investment in eyewear retailer Lenskart. Overall, startups raised funds from 16 rounds, mainly in the later stages of development. This marks a significant improvement from last year when funding was scarce due to a funding winter that started in September 2022.

D2C Startup Blissclub Fires About 18% Workforce To Cut Costs

Inc42 · 1y ago

D2C Startup Blissclub Fires About 18% Workforce To Cut Costs

Bengaluru-based fashion apparel startup Blissclub has laid off around 21 employees, or 18% of its workforce, due to the company's inability to raise fresh capital amidst high cash burn. The layoffs impacted various teams, with the creative team being completely dissolved. The startup, which last raised $15 million in a Series A funding round, is paying a two-month salary as severance package to the affected employees. This development adds Blissclub to the list of Indian startups that have undertaken restructuring exercises to cut costs in the face of the funding winter.

Bare Anatomy's parent Innovist eyes $15 mn in a new funding round

Livemint

Livemint · 5m ago

Bare Anatomy's parent Innovist eyes $15 mn in a new funding round

Innovist, owner of the hair care brand Bare Anatomy, is in discussions to raise over $15 million in a primarily new investor-led funding round. The funds will support its expansion plans, including product innovation. Innovist, which also owns brands like Chemist at Play, reported FY23 revenue of ₹39.3 crore but increased losses. The beauty and personal care sector is seeing consolidation amidst challenges in securing follow-up funding. However, some mid-market firms continue closing successful funding rounds.

Decoding XpressBees’ $80 Mn Series G round, ESOPs buyback and more

Entrackr

Entrackr · 1y ago

Decoding XpressBees’ $80 Mn Series G round, ESOPs buyback and more

E-commerce logistics company XpressBees raised $80 million in its Series G round from Ontario Teachers' Pension Plan in November 2023. The primary round raised $70 million, with the remaining amount used for buying back ESOPs or shares of existing shareholders. The funding will be used for the growth and expansion of the business. XpressBees is valued at around $1.5 billion post-allotment. The company has raised over $390 million in total funding and achieved strong financial performance in the last fiscal year.

'Never had a funding winter... good firms always had enough money to back them': Sanjeev Bikhchandani

Business Today

Business Today · 1y ago

'Never had a funding winter... good firms always had enough money to back them': Sanjeev Bikhchandani

Indian startup funding has hit a seven-year low in 2023, with investments falling 72% YoY to $7bn compared to $25bn in 2022, according to data from Tracxn. However, Sanjeev Bikhchandani, the investor behind Info Edge, which owns Naukri.com, has said that there was never really a funding winter in the Indian startup ecosystem, but rather a funding excess. Bikhchandani believes that good companies always have enough money to back them, and startups are expected to play a crucial role in making India a developed economy by 2047. PE/VC investments in India also fell 11% YoY in CY 2023.

XpressBees in early stage talks to acquire courier platform Trackon

Entrackr

Entrackr · 2y ago

XpressBees in early stage talks to acquire courier platform Trackon

Logistics firm XpressBees is in early-stage talks to acquire logistics and supply chain firm Trackon, sources aware of the development told Entrackr. This move comes after the Pune-based unicorn has had two back-to-back secondary rounds recently.

InsuranceDekho’s Ankit Agrawal on M&A strategy, IPO plans, and more

VCCircle

VCCircle · 3m ago

InsuranceDekho’s Ankit Agrawal on M&A strategy, IPO plans, and more

InsuranceDekho’s founder and CEO, Ankit Agrawal, discusses the company’s strategic focus on execution rather than immediate further fundraising, following a recent $85-million funding round. With $70 million already raised, they are in the final stages of securing an additional $15 million. The Gurugram-based insurtech company is emphasizing its merger and acquisition strategy and initial public offering (IPO) plans as part of its expansion efforts in the competitive insurance technology market.

Existing investors throw lifelines to late-stage startups in choppy waters

Livemint

Livemint · 1y ago

Existing investors throw lifelines to late-stage startups in choppy waters

Many startups in India are facing a cash crunch as they struggle to attract new investors. Investors are demanding lower valuations or offering smaller term sheets, leading to a funding shortage for startups. As a result, many companies are turning to existing investors for bridge funding rounds to extend their runway. Bridge rounds provide a short-term capital injection, typically lasting two to three quarters. Startups are opting for bridge rounds to avoid valuations based on current metrics and to buy time until they can secure larger funding rounds or IPOs.

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