InsuranceDekho, an insurtech platform owned by CarDekho Group, has raised $150 million in Series A funding consisting of a mix of equity and debt from Goldman Sachs Asset Management and TVS Capital Funds along with participation from Investcorp, Avataar Ventures and LeapFrog Investments.
InsuranceDekho was founded by Ankit Agrawal and Ish Babbar in 2016. Speaking about the fundraise, Agarwal said, “it is a good time to have capital in the bank. It just puts InsuranceDekho in a better place than a lot of other players. We would want to spend the money expanding into real Bharat, and focus on how can we go from 160 cities operations to 300-400 cities. We want to spend more on the tech products, and a couple of M&A opportunities that we have identified, among other things.”
The latest funding will also be used by InsuranceDekho to launch new innovative products in the health and life categories, grow the company’s micro, small & medium enterprise (MSME) insurance business, and strengthen its leadership team. The company aims to achieve annualised premium run-rate of Rs. 3,500 crore by March 2023. Agarwal also noted that the company’s burn rate has always been low and he expects InsuranceDekho to become profitable in the next year.
