Insurtech platform InsuranceDekho has successfully raised $60 million in its ongoing Series B VC funding round. This development brings the total funds raised by the company to over $200 million in the current year.
Leading financial institutions, including Mitsubishi UFJ Financial Group (MUFG) and BNP Paribas Cardif through its Insurtech fund managed by Eurazeo, as well as Beams Fintech Fund, have joined InsuranceDekho’s cap table.
Notably, existing investors such as TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures also participated in this fresh funding round, which comprised a mix of equity and debt.
The startup has outlined plans to utilize the proceeds from this funding round to bolster marketing activities, expand distribution presence in rural India, enhance its tech platform, and explore potential inorganic growth opportunities.
Founded in 2017 by Ankit Agrawal and Ish Babbar, InsuranceDekho has witnessed remarkable growth and is poised to achieve a premium target of Rs 3,600 crore in this financial year. Additionally, the company aims to have 200,000 agent partners on its platform by March 2024.
InsuranceDekho, initially incubated within the auto-tech and IPO-bound unicorn CarDekho Group, has served more than 6 million customers, underscoring its impact and potential within the insurance technology sector.