Funding · Financial Services

InsuranceDekho in talks to raise $50 million Series B

By Startup Enthusiast · 9 August 2023

What they do

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

It is in talks to raise about $50 million in Series B funding at a valuation of $500-550 million

Existing backers Goldman Sachs and TVS Capital are doubling down on the round

InsuranceDekho is in talks to raise a $50 million Series B round.
The round values the company at $500-550 million.
Existing investors Goldman Sachs and TVS Capital are doubling down on this round.
A term sheet has been signed and the deal is expected to close in a couple of weeks (as of August 2023).
The company was launched by automobile aggregator CarDekho in 2019.
In April 2023, InsuranceDekho acquired Verak (a Mumbai-based SME insurance distribution firm) and IRSS (a Gujarat-based institutional insurance distributor).

InsuranceDekho is targeting profitability by FY24 and doubling revenue in the same period.
Its FY23 annualised premium run rate was Rs 3,000 crore.
The company's FY22 revenue was Rs 47.91 crore, up 61% from the previous year.

InsuranceDekho is an online platform to compare, buy and renew insurance policies including health, life, term, car, bike, corporate insurance and guaranteed return plans.
It has direct integration with nearly 50 insurance companies across India, offering over 400 insurance products.
The platform claims 17 million+ happy customers, a 4.7 rating on Google, and 145,000+ claims served.
Policy issuance is done in 5 minutes and a dedicated support team is available Mon-Sat 10 AM-7 PM.
It works with insurers including ICICI Lombard, HDFC ERGO, IFFCO Tokio, Bajaj General, Digit and Acko.

InsuranceDekho is targeting profitability by FY24 and doubling revenue in the same period.

Goldman Sachs (existing) — Global investment bank and existing backer of InsuranceDekho.
TVS Capital (existing) — Indian venture capital firm and existing investor in InsuranceDekho.

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