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People · Financial Services

Co-founders may step down amid board differences

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InsuranceDekho logo
Date
Company
InsuranceDekho
What it does
Insurance distribution platform
Kind
People
Stage
pre-IPO
Based in
Delhi NCR
Founded
2017
Sector
Financial Services

What they do

InsuranceDekho is an insurance distribution platform offering motor, health, life, travel and corporate insurance

What happened

Co-founders Ankit Agrawal and Ish Babbar are reportedly considering stepping down from executive roles due to strategic differences with the board; the…

Why it matters

The company is planning a pre-IPO round of ₹100-150 crore and an IPO of ₹2,500-3,000 crore by March 2027

The details

  • Co-founders Ankit Agrawal and Ish Babbar are reportedly considering stepping down from executive roles due to strategic differences with the board.
  • The company officially denies reports of founder exit and says the co-founders remain actively involved and leading strategy.
  • Discussions are underway to retain the founders in some capacity, possibly as promoters with professional management taking over operations.
  • A pre-IPO funding round of ₹100-150 crore is planned at the current valuation.
  • An IPO is expected to raise ₹2,500-3,000 crore via a fresh issue and an offer for sale (OFS, where existing shareholders sell their shares).
  • The IPO target is by March 2027.
  • The company merged with RenewBuy on 1 September 2026, creating India's largest AI-enabled insurance distribution platform by POSP-driven premium in FY26.

The bigger picture

  • The founder exit reports come as the company prepares for a public listing, which often requires a stable management team.
  • InsuranceDekho's net loss widened to ₹47.5 crore in FY25 from a net profit of ₹85.7 crore in FY24, despite operating income growing 73% to ₹1,290 crore.
  • The company has raised over $350 million to date from investors including Goldman Sachs, Avataar Ventures, and MUFG.

About the business

  • InsuranceDekho is an insurance distribution platform offering motor, health, life, travel, and corporate insurance.
  • It offers 750+ insurance products from 52 insurers.
  • It holds a composite broking licence from the regulator and offers reinsurance services.
  • It operates Heph, a SaaS platform for insurance distributors.
  • The company merged with RenewBuy on 1 September 2026; the combined entity has a premium book of over ₹6,600 crore.
  • It has a network of 640,272 digital advisors across 1,531 locations.
  • It reaches 98.57% of India's pin codes as of 31 March 2026.
  • Over 20 million insurance policies have been issued since inception as of 31 March 2026.
  • 82% of premium comes from tier-II cities and beyond.

What happens next

  • The company plans a pre-IPO funding round of ₹100-150 crore.
  • It aims to launch an IPO of ₹2,500-3,000 crore by March 2027.

The deal

Type
people

Investors

Founders

  • Ankit Agrawal, co-founder, CEO
  • Ish Babbar, co-founder, CTO

About 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

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