Shillong, October 11: InsuranceDekho, an insurtech platform based in Gurugram, announced that it has secured $60 million in its ongoing Series B funding round.
This latest investment brings the total funds raised by the company to over $200 million for the year.
As per IANS, new investors including Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif through its Insurtech fund managed by Eurazeo, and Beams Fintech Fund have joined the company’s cap table. Additionally, existing investors such as TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures participated in this latest funding round, which includes a combination of equity and debt financing.
Ankit Agrawal, the CEO and Founder of InsuranceDekho, expressed, “This funding will allow us to accelerate our efforts, reach more customers, and innovate further in the Insurtech space. The insurance sector in India is at the cusp of a tech-backed revolution.”
InsuranceDekho intends to utilize the proceeds from this funding round to enhance its marketing initiatives, expand its distribution network in rural India, enhance its tech platform, and explore opportunities for inorganic growth.
Established in 2017 by Ankit Agrawal and Ish Babbar, InsuranceDekho has experienced significant growth. The company is on track to achieve a premium of Rs 3,600 crore in this fiscal year and aims to have 200,000 agent partners on its platform by March 2024.
Shashank Joshi, Deputy CEO of MUFG Bank, India, highlighted the strategic commitment to increasing insurance accessibility in India, stating, “InsuranceDekho’s tech-driven last-mile distribution model perfectly aligns with our vision of advancing insurance outreach in India.”
InsuranceDekho was initially incubated within the CarDekho Group, a unicorn in the auto-tech industry that is also gearing up for an IPO. The platform has already served over 6 million customers to date.