InsuranceDekho raises $60 million in Series B funding round

InsuranceDekho Series B funding: Indian insurtech startup, InsuranceDekho, incubated within CarDekho, has successfully secured $60 million in a recent funding round aimed at accelerating its growth. Key investors in this Series B funding include Mitsubishi UFJ Financial Group, BNP Paribas Cardif, Beams Fintech Fund, and Yogesh Mahansaria Family Office. This funding round has propelled the startup's valuation to over $600 million.

InsuranceDekho, which collaborates with major insurance providers in India, offers a wide array of insurance products through direct integration with nearly four dozen firms. Currently, automobile insurance is the most popular product the startup sells, and it plans to diversify into health, life insurance, and catering to small and medium-sized enterprises.

Insurance penetration remains below 5 per cent

Despite a huge market, India's insurance penetration remains below 5 per cent of the GDP, presenting a substantial growth opportunity. InsuranceDekho has a strong nationwide presence, covering about 98 per cent of all zip codes in the country, primarily focusing on smaller cities where it sells over 80 per cent of its coverage.

Ankit Agrawal, Co-founder and CEO of InsuranceDekho revealed that the startup is set to achieve $432 million in premium sales for the current financial year, with a profitable core business. The startup, which initially had a substantial runway, opted for this funding round to collaborate with high-quality investors and expedite its expansion into new business lines.

InsuranceDekho leverages a vast network of over 150,000 gig-economy workers, termed "agents," to educate the market and facilitate insurance sales, answering potential customers' queries regarding policies. The insurtech sector in India has witnessed significant interest from fintech giants, underscoring the immense market size and potential for growth.