Funding · Financial Services

InsuranceDekho raises Rs 300 crore in first external round

By Startup Enthusiast · 5 January 2023

What they do

InsuranceDekho is an online insurance broker that compares and sells motor, health, life and retirement plans

It raised Rs 300 crore ($36.5 million) led by West Street Global, a Goldman Sachs arm, its first external investment

The company posted Rs 47.91 crore revenue in FY22 but a loss of Rs 72.29 crore, widening from the previous year

InsuranceDekho raised Rs 300 crore ($36.5 million) in its first external investment round.
The round was led by West Street Global, an arm of Goldman Sachs, which invested Rs 153.5 crore.
TVS Capital Fund invested Rs 72.35 crore as a participating investor.
Other participants included Investcorp Private Equity, Avataar Ventures, Alstroemeria Investments, and individuals Vineet Dhingra, N Laxmi Narayan, and Shridham sons, collectively investing Rs 74.15 crore.
The board passed a special resolution to issue 1,49,16,506 equity shares at Rs 201.12 each.
Post-allotment valuation is estimated at ~Rs 1,100 crore ($135 million) per Fintrackr estimates.
West Street Global got 14.71% stake, TVS Capital 6.95%, Avataar Ventures 2.69%, and Investcorp 1.44%.
The company may raise more funds in this round.

InsuranceDekho was launched by CarDekho in 2019, and this is its first external capital raise.
Its revenue grew 61% to Rs 47.91 crore in FY22, but losses also increased 55.6% to Rs 72.29 crore.
InsuranceDekho contributes only 3% of the CarDekho group's Rs 1,597 crore revenue.
The round is led by a Goldman Sachs arm, signalling institutional interest in Indian insurtech.

InsuranceDekho is an online insurance broker that compares and sells motor, health, life, term, retirement, and corporate insurance.
Its revenue comes entirely from insurance brokerage and commission.
It claims 17 million+ customers, 145k+ claims served, and a Google rating of 4.7.
Policy issuance takes 5 minutes; support is available Mon-Sat 10 AM - 7 PM.
Headquarters are in Gurugram.

West Street Global (lead) — An arm of Goldman Sachs, a global investment bank.
TVS Capital Fund (participated) — A venture capital firm backed by the TVS group.
Investcorp Private Equity (participated) — A global alternative investment manager.
Avataar Ventures (participated) — A venture capital firm investing in technology companies.
Alstroemeria Investments (participated) — An investment firm.

Product: An online insurance platform for comparing and buying policies across major categories
Customers: Consumers buying insurance, with insurers and distribution partners paying for access and distribution
How it makes money: Earns commissions and distribution revenue from policies sold through its platform and partner network
What sets it apart: Large AI-enabled distribution network with nationwide partner coverage and a broad insurer base
Operations: Operates through digital partners and point-of-sale agents across India