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Insurancedekho sees 7x revenue jump, doubles agent base to over 200,000

The Arc Web

The Arc Web · 10m ago

Insurancedekho sees 7x revenue jump, doubles agent base to over 200,000

Insurancedekho, a popular online insurance comparison platform, experienced significant growth in fiscal year 2024. Its revenues reached Rs 743.6 crore, marking a 671% increase compared to the previous year. The company's parent organization, Girnar Insurance Brokers, also reported a net profit of Rs 86 crore in FY24, compared to a loss of Rs 51 crore in the previous year. Insurancedekho's largest expenditure was point of sales charges, which amounted to 43% of the total expenditure. The platform has expanded its network of insurance agents to over 210,000. Additionally, Insurancedekho raised equity funding of $310 million and is reportedly considering a merger with Renewbuy.

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InsuranceDekho raises $60 million in ongoing Series B funding round

Money Control

Money Control · 1y ago

InsuranceDekho raises $60 million in ongoing Series B funding round

Insurtech startup, InsuranceDekho, has raised $60 million in a Series B funding round from investors including Mitsubishi UFJ Financial Group and BNP Paribas Cardif's insurtech fund. The new round brings the company's valuation to over $500 million. The funds will be used to enhance marketing efforts, expand distribution, develop its tech platform, and explore growth opportunities. InsuranceDekho aims to make insurance more accessible in India and plans to achieve a premium of Rs 3,600 crores this financial year, whilst targeting 200,000 agent partners by March 2024.

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.

MUFG Bank doubles down on its investment in DMI Finance

VCCircle

VCCircle · 1y ago

MUFG Bank doubles down on its investment in DMI Finance

MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group, has invested Rs 2,798 crore ($333 million) in DMI Finance, the non-banking lending arm of the DMI Group. This brings MUFG's total investment in DMI Finance to Rs 4,712 crore ($561.3 million). DMI Finance offers various loan products and operates through digital channels, serving customers of platforms like Samsung, Google Pay, and Airtel. The company claims to have a customer base of 25 million and disbursed loans worth $2.25 billion in the last financial year. MUFG Bank sees potential in DMI Finance's expansion in the consumer finance space.

Broadcom CEO compensation more than doubles to $162 million in 2023

Economic Times

Economic Times · 1y ago

Broadcom CEO compensation more than doubles to $162 million in 2023

Broadcom CEO Hock Tan's annual compensation more than doubled to $161.8 million in 2023, with stock awards of $160.5 million driving the increase. This marks a significant jump from his 2022 pay of $60.6 million. Broadcom recently completed its $69 billion acquisition of VMware, after obtaining regulatory approval in China. The chipmaker reported revenue of $35.82 billion in 2023, and its stock has performed well, rising 17% in 2024.

CarTrade's profits surge on low base, revenue grows marginally by 5%

Money Control

Money Control · 2y ago

CarTrade's profits surge on low base, revenue grows marginally by 5%

CarTrade's profits surge due to a low base effect, while revenue sees a marginal 5% growth. The company's financial results show an increase in profitability driven by the comparison with a previous low base. However, the modest revenue growth indicates challenges in achieving substantial expansion. The surge in profit came even as CarTrade’s revenues increased marginally by about 5 percent to Rs 86.1 crore in the June quarter, up from Rs 82.7 crore in the same period last year.

Danone doubles down on India, six years after quitting its dairy market | Mint

Livemint

Livemint · 11m ago

Danone doubles down on India, six years after quitting its dairy market | Mint

Danone is planning to expand its presence in India and invest in the market, according to CEO Antoine de Saint-Affrique. The French company sees India as a priority market and will continue investing in new products, although details have not been shared. Danone, which already sells early life nutrition products and nutritional supplements under the Protinex brand, plans to invest €20m ($22.4m) in expanding its nutrition facility in Lalru over the next four years. De Saint-Affrique said the company is committed to India for the long term and sees significant growth opportunities in the country.

Bottomline: Lightrock-backed axio's FY23 revenue doubles but losses widen too

VCCircle

VCCircle · 1y ago

Bottomline: Lightrock-backed axio's FY23 revenue doubles but losses widen too

Content writer Sashank Rishyasringa's non-banking lender axio has reported doubling its revenue for FY23, although losses also increased. The company, backed by investors including Lightrock, Amazon, Elevation Capital, Sequoia Capital, and Ribbit Capital, serves a significant customer base of approximately 15 million.

InsuranceDekho’s Net Loss Narrows 29% To INR 51.5 Cr In FY23

Inc42 · 1y ago

InsuranceDekho’s Net Loss Narrows 29% To INR 51.5 Cr In FY23

InsuranceDekho, the insurance arm of CarDekho, has reported a 29% decrease in net loss for FY23. The company's operating revenue doubled to INR 96.4 Cr, contributing to this improvement. Total expenses increased by 25% to INR 151.8 Cr, with employee benefits being the largest expenditure. InsuranceDekho aims to break even by the end of the next financial year.

Uzbekistan's first unicorn, Uzum, leaps to a $1.5B valuation | TechCrunch

TechCrunch · 1m ago

Uzbekistan's first unicorn, Uzum, leaps to a $1.5B valuation | TechCrunch

Uzbekistan's Uzum, a fast-growing startup founded in 2022, has raised $65.5 million, leading to a $1.5 billion valuation, marking the country's first unicorn. Co-led by Tencent and VR Capital, this funding follows a significant earlier valuation jump. Uzum, known for its e-commerce, fintech, and digital banking solutions, boasts 17 million monthly active users. Its infrastructure supports over 200,000 daily orders, and it plans further expansions, including international market entries and advanced financial products.

Groww’s FY24 Revenue More Than Doubles To INR 3,145 Cr

Inc42 · 11m ago

Groww’s FY24 Revenue More Than Doubles To INR 3,145 Cr

Financial services company Groww has experienced significant revenue growth, with a 119% increase from INR 1,435 Cr in the 2022-23 financial year to INR 3,145 Cr in the following year. Despite this growth, the company maintained operational profitability at INR 535 crore for the year. Additionally, Groww paid around INR 1,340 Cr as a one-time tax on relocating its base back to India.

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