Funding · Financial Services

InsuranceDekho raises $70M from existing investors

By Startup Enthusiast · 4 March 2025

What they do

InsuranceDekho is an online insurance marketplace selling motor, health, life and corporate policies

It raised $70M in a round co-led by MUFG, BNP Paribas Cardif and Beams Fintech Fund, all existing backers

The company turned profitable in FY24 with Rs 85.7 crore profit and plans an IPO in 15-18 months

InsuranceDekho raised $70M in a funding round co-led by MUFG, BNP Paribas Cardif (via Eurazeo-managed insurtech fund), and Beams Fintech Fund.
All three lead investors are existing backers of the company.
The round is primary capital raised at a slight premium to the previous valuation of around $700-750 million from October 2023.
The company is in discussions to raise an additional $15-20 million from a new external investor, which could extend the round to $85 million.
Total raised in this round is approximately Rs 600-700 crore.
InsuranceDekho plans to use the funds to expand reach, enhance tech-driven offerings, and strengthen its position in the Indian insurance market.
The company is targeting a public listing within the next 15-18 months.

India's insurance penetration fell to 3.7% of GDP in FY24 from 4% in FY23, indicating a large underserved market.
InsuranceDekho turned profitable in FY24 with a PAT of Rs 85.7 crore, compared to a loss of Rs 51.6 crore in FY23.
The company is reportedly in the process of merging with smaller competitor RenewBuy in a cash-and-stock deal.
Beams Fintech Fund has deployed over Rs 300 crore since the start of 2025 and manages an AUM of Rs 900 crore.

InsuranceDekho is an online insurance marketplace that sells motor, health, life, and corporate insurance policies.
It operates on a point-of-sale person (POSP) model, where agents sell policies directly to customers.
The company has a network of 220,000 partners and offers 720+ insurance products from 49 insurance companies.
It has served over 10.2 million customers and covers 99% of India's pin codes.
The company issues 21 new policies every minute.
Revenue in FY24 was Rs 743.6 crore, up from Rs 96.5 crore in FY23.
Profit after tax in FY24 was Rs 85.7 crore, compared to a loss of Rs 51.6 crore in FY23.
The company was founded in 2017 by online automobile aggregator CarDekho and received an IRDAI licence to operate as a direct insurance broker.
Headquarters are in Gurugram, India.

MUFG (lead) — Mitsubishi UFJ Financial Group, a Japanese financial conglomerate.
BNP Paribas Cardif (lead) — Insurance arm of BNP Paribas, investing via an Eurazeo-managed insurtech fund.
Beams Fintech Fund (lead) — A fintech-focused fund that manages AUM of Rs 900 crore and has deployed over Rs 300 crore in 2025.
Goldman Sachs Asset Management (existing) — Asset management arm of Goldman Sachs.
TVS Capital Fund (existing) — Private equity firm part of the TVS Group.
Investcorp (existing) — Global alternative investment firm.
Avataar Ventures (existing) — Venture capital firm focused on tech-enabled businesses.
LeapFrog Investments (existing) — Impact investment firm focused on financial services and healthcare.

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