Results · Financial Services

InsuranceDekho narrows losses in FY23

By Startup Enthusiast · 18 September 2023

What they do

InsuranceDekho is an online marketplace to compare and buy vehicle, health and life insurance policies

It reported FY23 operating income of Rs 96.5 crore, up from Rs 47.9 crore, and losses down 28.6% to Rs 51.6 crore

The company is in late-stage talks to raise $50 million at a valuation of about $500 million

InsuranceDekho reported operating income of Rs 96.5 crore in FY23, up from Rs 47.9 crore in FY22.
Its losses fell 28.6% to Rs 51.6 crore from Rs 72.3 crore in the previous year.
The company raised $150 million at the end of FY23.
It is in late-stage talks to raise $50 million at a valuation of about $500 million.
Total costs in FY23 were Rs 151.9 crore.
Employee benefits accounted for Rs 107 crore, or 70.4% of total expenditure, including Rs 30.82 crore in ESOP (employee stock option plan) cost.
Advertising cost was Rs 17 crore, flat year-on-year.

InsuranceDekho spent Rs 1.57 to earn every Re 1 of operating revenue in FY23.
Its ROCE (return on capital employed) was -15.28% and EBITDA margin was -45%.
CEO Ankit Agrawal said the company is looking to turn profitable in FY24.

InsuranceDekho is an online marketplace where users can compare and buy third-party insurance policies for vehicles, health and life.
It earns income solely from brokerage fees paid by insurance providers after a policy is sold.
It has direct integration with nearly 50 insurers offering 400+ products.
The company claims 17 million+ happy customers, a 4.7 rating on Google, and 145,000+ claims served.
It offers car, bike, health, term, investment, corporate, family health and guaranteed return plans.

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