Funding · Financial Services

InsuranceDekho raises $150M in Series A round

By Startup Enthusiast · 14 February 2023

What they do

InsuranceDekho is an online platform to compare and buy or renew insurance policies

It raised $150M in a Series A round (equity and debt) led by Goldman Sachs Asset Management and TVS Capital Funds

This is the largest Series A round ever by an Indian insurtech company

InsuranceDekho raised $150M in a Series A round that includes both equity and debt.
The equity portion was led by Goldman Sachs Asset Management and TVS Capital Funds.
Other investors in the round include Investcorp, Avataar Ventures, and LeapFrog Investments.
Haitong Securities India acted as the financial advisor for the deal.
The company plans to use the funds to scale its product and technology, expand to new markets, and launch health and life insurance products.
It also aims to grow its MSME (micro, small and medium enterprise) insurance business and pursue inorganic growth (acquisitions).
InsuranceDekho is the insurance arm of the CarDekho Group.

India's insurance penetration is only 4.2% of GDP, compared to 12% in the US and 7.4% globally.
About 85% of India's insurance premium comes from metros and Tier 1 cities, leaving huge untapped potential in smaller towns.
This is the largest Series A round ever raised by an Indian insurtech company.

InsuranceDekho is an online platform where users can compare, buy, and renew insurance policies for health, life, term, car, bike, corporate, family health, and guaranteed return plans.
It works with 46 insurance companies and offers over 380 insurance products, including more than 175 health and life products.
The company has a footprint in 1,300+ towns and covers 98% of pin codes in India.
82% of its premium comes from Tier 2 and beyond regions.
It has served over 17 million customers and processed 145,000+ claims.
The platform has a 4.7 rating on Google.
Insurance advisors on the platform see a threefold increase in household income within six months.
The company's target annualized premium run rate is ₹3,500 crores by March 2023.
It aims to have 2 lakh+ insurance advisors active on the platform by the end of 2023.

Goldman Sachs Asset Management (lead) — The asset management division of Goldman Sachs, a global investment bank.
TVS Capital Funds (lead) — An Indian private equity firm focused on growth-stage investments.
Investcorp (participated) — A global alternative investment firm.
Avataar Ventures (participated) — A venture capital firm investing in technology companies.
LeapFrog Investments (participated) — A private equity firm focused on financial inclusion and healthcare in emerging markets.

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