Funding · Financial Services

InsuranceDekho raises $60m in Series B funding

By Startup Enthusiast · 11 October 2023

What they do

InsuranceDekho lets users compare and buy third-party insurance policies like vehicle, health, and life

It raised $60 million in a Series B round (equity and debt) from MUFG, BNP Paribas Cardif, and others

The startup has raised over $200 million in 2023, including a $150 million Series A in February

InsuranceDekho raised $60 million in a Series B round that included both equity and debt.
New investors in the round were Mitsubishi UFJ Financial Group, BNP Paribas Cardif (through an Eurazeo-managed insurtech fund), and Beams Fintech Fund.
Existing investors TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures also participated.
The company plans to use the funds to boost marketing, expand distribution across India, scale its tech platform, and explore inorganic growth.
This is the second major fundraise for InsuranceDekho in 2023, following a $150 million Series A in February.
The total fundraise for the startup in 2023 now exceeds $200 million.
InsuranceDekho is a six-year-old startup that lets users compare and buy third-party insurance policies.

The Series A round in February was one of the largest insurtech Series A rounds ever.
The company targets a premium collection of Rs 3,600 crore in the current financial year.
It aims to have 200,000 agent partners by March 2024.
Over 90% of its premiums come from tier II and beyond areas, showing deep rural penetration.

InsuranceDekho is an online platform where users can compare and buy third-party insurance policies for vehicles, health, life, and more.
It earns revenue through brokerage fees paid by insurance providers.
The platform is directly integrated with nearly 50 insurance companies.
It has a presence in more than 1,500 regions, covering 98% of pin codes across India.
The company has served over 6 million customers (article) or 17 million+ happy customers (website).
Its website claims a 4.7 rating on Google, over 145,000 claims served, and policy issuance in 5 minutes.
Products offered include car, bike, health, life, term, investment plans, corporate insurance, family health, and guaranteed return plans.
Revenue in FY23 was Rs 96.5 crore, up from Rs 47.9 crore in FY22.
Losses in FY23 were Rs 51.6 crore, a reduction of 28.6% from the previous year.

Mitsubishi UFJ Financial Group (new investor)
BNP Paribas Cardif (new investor) — Invested through an Eurazeo-managed insurtech fund.
Beams Fintech Fund (new investor)
TVS Capital (existing investor)
Goldman Sachs Asset Management (existing investor)
Avataar Ventures (existing investor)

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