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InsuranceDekho posts Rs 85.7 crore profit in FY24

By Startup Enthusiast · 14 November 2024

What they do

InsuranceDekho is an online insurance brokerage and comparison platform incubated by CarDekho

It reported a profit of Rs 85.71 crore in FY24, compared to a loss of Rs 51.59 crore in FY23

The company turned profitable at a revenue scale of about Rs 750 crore, much earlier than PolicyBazaar

InsuranceDekho reported Rs 743.6 crore in revenue from operations in FY24, up 7.7X from Rs 96.5 crore in FY23.
It posted a profit of Rs 85.71 crore in FY24, compared to a loss of Rs 51.59 crore in FY23.
Total income including non-operating income was Rs 785 crore in FY24.
Insurance brokerage revenue was Rs 726.61 crore, making up 97.7% of operating revenue.
Total expenses rose 4.6X to Rs 699.21 crore in FY24.
Point of sales charges jumped 36X to Rs 301 crore, accounting for 43% of total expenses.
The company had a cash and bank balance of Rs 37.7 crore as of March 2024.

InsuranceDekho turned profitable at a revenue scale of about Rs 750 crore, while PolicyBazaar turned profitable after crossing Rs 2,000 crore.
PolicyBazaar (PB Fintech) reported FY24 revenue of about Rs 3,500 crore.
A strong FY25 could open the IPO route for InsuranceDekho.
The company is reportedly in discussions to merge with Renewbuy to create a major insurance aggregation player.

InsuranceDekho is an online platform to compare and buy motor, health, travel, and pet insurance, as well as investment plans including ULIP, child, fixed deposit, and retirement plans.
It claims over 17 million customers, a Google rating of 4.7, and more than 145,000 claims served.
The company is headquartered in Gurugram and was incubated by CarDekho.

A strong FY25 could open the IPO route.
The company is reportedly in discussions to merge with Renewbuy to create a major insurance aggregation player.

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