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

Economic TimesEconomic Times · 1y ago
Decoding InsuranceDekho’s back-to-back funding rounds amidst a funding winter
Medial

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.

Beams Fintech Fund leads $70 Mn round in InsuranceDekho

EntrackrEntrackr · 4m ago
Beams Fintech Fund leads $70 Mn round in InsuranceDekho
Medial

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.

InsuranceDekho and RenewBuy to take on PolicyBazaar with potential merger

EntrackrEntrackr · 8m ago
InsuranceDekho and RenewBuy to take on PolicyBazaar with potential merger
Medial

InsuranceDekho and RenewBuy, two major players in India's insurance market, are on the cusp of a merger. This strategic move aims to create a significant entity in the insurance aggregation space and take on industry leader PolicyBazaar directly. The combined entity is estimated to be valued at over Rs 8,000 crore ($950 million), with RenewBuy valued at around Rs 3,000 crore and InsuranceDekho at over Rs 5,000 crore. This merger is anticipated to establish the combined entity as the second-largest insurance aggregator in India, according to a report by Mint. The deal will involve a cash-and-stock transaction, with some early investors in RenewBuy potentially selling a portion of their stakes. The merged entity is expected to secure additional funding ahead of a potential initial public offering (IPO). The deal could also streamline the IPO path for CarDekho, which is targeting a public listing in the next fiscal year. Currently, CarDekho’s co-founder and CEO, Amit Jain, holds over a 70% stake in InsuranceDekho. According to sources, the group aims to offload more than a 20% stake in the Gurugram-based company before filing the Draft Red Herring Prospectus (DRHP). The combined entity aims to offer a broader product range, enhanced customer experience, and improved operational efficiency. The development comes soon after InsuranceDekho received the composite insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). The company also raised $60 million in a Series B funding round spearheaded by Mitsubishi UFJ Financial Group in October last year. While InsuranceDekho has yet to report FY24 results, the firm posted Rs 96.5 crore in revenue in FY23 as compared to Rs 47.9 crore in FY22. It also reduced losses by 28.6% to Rs 51.6 crore during FY23. Renewbuy, on the other side, scooped up $40 million in its ongoing Series D funding round in July last year. The nine-year-old company has not disclosed its financials for FY23 and FY24, it reported Rs 190.8 crore in revenue with Rs 98.9 crore loss in FY22.

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