InsuranceDekho Secures $60 Million in Series B Funding

InsuranceDekho, the Gurugram-based insurtech, has raised $60 million in an ongoing Series B funding round, a combination of equity and debt. Notable participants include Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif, managed by Eurazeo, and Beams Fintech Fund. Existing investors TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures also contributed.

This marks the second fundraising round for the startup in 2023, bringing its total capital raised to over $200 million. In February, the company garnered $150 million in one of the largest Series A funding rounds in the insurtech sector. 

InsuranceDekho intends to use the funds to bolster marketing efforts, expand distribution across the country, scale up its tech platform, and explore potential inorganic growth.

The platform enables users to compare and purchase various insurance policies. Its revenue primarily comes from brokerage fees paid by insurance providers. The company reported revenues of Rs 96.5 crore in FY23, up from Rs 47.9 crore in FY22. It aims to achieve Rs 3,600 crore in premiums this financial year and have 200,000 agent partners on its platform by March 2024.