InsuranceDekho raises $150 mn in Series A funding

Feb 10, 2023

InsuranceDekho raises $150 mn in Series A funding

Insurtech player InsuranceDekho has raised $150 million in Series A funding, consisting of a mix of equity and debt.

“The equity round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and LeapFrog Investments,” the company said in a release. This is the first time the firm has raised external funding.

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The company aims to achieve annualised premium run-rate of `3,500 crore by March 2023. “We need to go beyond the urban regions when it comes to insurance penetration in the country. To realise our goal of democratising insurance for the general public, we are expanding our reach and will continue to build on our tech-based solutions and empowered advisors…,” said InsuranceDekho CEO and co-founder Ankit Agrawal.

Ish Babbar, CTO and co-founder, said insurance distribution in India needs innovative solutions. “The fundraise will enable us to deploy scalable insurtech solutions in the areas of data analytics, artificial intelligence, last mile servicing and claims management while keeping customer experience at the core of everything,” Babbar said.

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The company said it gets 82% of its premium from Tier 2 and beyond regions. It is present in more than 1,300 towns covering 98% of pin codes.

Rajat Sood, managing director at Goldman Sachs Asset Management, said, “Technological innovation is transforming the Indian insurance industry by making coverage more accessible and affordable. InsuranceDekho has demonstrated a proven ability to bring new-to-insurance channel partners to their platform, while empowering them through technology-based solutions and working closely with insurers. We look forward to leveraging our global domain expertise and supporting the management team in its expansion to provide broader coverage and more solutions nationwide.”