Insurtech firm InsuranceDekho is in talks to raise a fresh round from new and existing investors, according to two sources aware of the development. This will be the second funding for the Gurugram-based startup in 2023.
“InsuranceDekho is picking up around $50 million in Series B from a couple of new investors. Existing backers Goldman Sachs and TVS Capital will double down their commitment,” said one of the sources requesting anonymity.
In February, InsuranceDekho scooped up $150 million in one of the largest Series A fundings raised by an insurtech company. Goldman Sachs Asset Management, TVS Capital Funds, Investcorp, Avataar Ventures and LeapFrog Investments were the lead backers of the company.
“The term sheet has been signed and the deal is expected to materialize in a couple of weeks. InsuranceDekho is set to be valued at around $500-550 million in this round,” said another source who also requested anonymity as talks are private.
InsuranceDekho was launched by automobile aggregator CarDekho in 2019. Led by Ankit Agrawal and Ish Babbar, it works with most insurance providers and claims to have direct integration with nearly 50 insurance companies across India offering more than 400 insurance products for health and life.
InsuranceDekho declined to comment on the story. Queries sent to Goldman Sachs and TVS Capital did not elicit an immediate response. We’ll update the post in case we hear from them.
Besides the fundraise, InsuranceDekho also acquired a couple of startups in April. The first acquisition was Verak, a Mumbai-based SME insurance distribution firm followed by Gujarat-based institutional insurance distributor IRSS.
Agrawal recently said that the firm is looking to turn profitable by FY24 and double its revenue in the same period. While the company did not disclose FY23 numbers, it closed the last fiscal year at an annualised premium run rate of Rs 3,000 crore. During FY22, InsuranceDekho’s revenue jumped 61% to Rs 47.91 crore from Rs 29.71 crore in FY21. Its losses also spiked 55.6% to Rs 72.29 crore during the period.
