InsuranceDekho Raises US$150 Million in Series A Funding

InsuranceDekho, a leading InsurTech startup, today announced a US$150 million Series A round of funding, inclusive of both equity and debts, is backed by myriad investors, including Goldman Sachs Asset Management, TVS Capital Funds, Investcorp Avtaar Ventures and LeapFrog Investments.

InsuranceDekho has turned the wheels for the insurance industry in India. This is the largest Series A Funding raised by an InsurTech in South East Asia. In an endeavour of protection, the company will use the funds to provide access to insurance even in the remote parts of India. Furthermore, the company will scale its operations and product line by launching new products in the health and life sector. 

The company aims to reach an annualized premium run rate of 3,500 crores by March 2023. Commenting on the same, Mr Ankit Agrawal, the CEO and Co-founder of InsuranceDekho said, “When it comes to the penetration of the insurance sector, we need to go beyond the urban areas. We are expanding our accessibility and will keep advancing our tech-based solutions and skilled advisors to achieve our goal of democratizing insurance for the general people. 

Adding to this, Ish Babbar, the CTO and co-founder of InsuranceDekho, stated “the funding will help in implementing innovative solutions in the fields of data analytics, artificial intelligence, and last-mile servicing to provide insurance coverage across India while keeping the needs of customers at first”. 

InsuranceDekho nearly provides 400 insurance products as the majority of the insurance providers in India are in collaboration with the company, and it has direct integrations with almost 4000 companies. 

Launched in 2017, InsuranceDekho is an Insurtech startup that enables its consumers to compare different insurance policies based on their requirements and offers them the best quotes available as per their needs. At present, the company provides both short-term and long-term insurance products, including life insurance, health insurance, motor insurance, and travel insurance.