Insurtech player InsuranceDekho has raised USD 60 million in its ongoing Series B funding round at around USD 700-750 million valuation.
Japanese lender Mitsubishi UFJ Financial Group (MUFG), French insurer BNP Paribas Cardif, through its insurtech fund managed by European investment major Eurazeo, India– focused Beams Fintech Fund and Yogesh Mahansaria Family Office have participated in this round as new investors.
The Gurgaon-headquartered insurtech player has raised the new funding at around USD 700-750 million valuation, according to market sources.
“Broadly, we will use this fund across three-to-four different areas. We will use the money for merger and acquisitions, expansion into new business lines like reinsurance, branding and investment in technology and products,” Ankit Agrawal, CEO and founder of InsuranceDekho, told FE.
Agrawal said the company is looking at acquisitions of fintech companies, tech firms and small insurance brokers.
Founded in 2017, the company in February this year raised USD 150 million in Series A funding consisting of a mix of equity and debt. Goldman Sachs Asset Management and TVS Capital Funds led the equity round.
InsuranceDekho is looking to turn profitable at the end of the current financial year.
“It is on track to achieve Rs 3,600 crore premium this financial year and is targeting to have 2,00,000 agent partners on its platform by March, 2024,” the company said in a statement.
During the last financial year, the company clocked Rs 1938 crore premium. It exited FY23 at the annualized premium run rate of Rs 3000 crore.
Amit Jain, CEO and Co-founder of CarDekho Group, said the capital infused will accelerate InsuranceDekho’s growth trajectory, providing the impetus to reach more underserved markets with a reliable insurance platform.
Shashank Joshi, deputy CEO, MUFG Bank, India, said, “MUFG’s dedication to fostering a sustainable and inclusive future is at the core of our investment ethos. Our entry into the insurtech sector signifies a strategic commitment to increase insurance accessibility in India.”
InsuranceDekho was incubated within auto-tech and IPO-bound Unicorn – CarDekho Group. It is a brand name owned by Girnar Insurance Brokers (GIBPL). GIBPL was incorporated in 2016 and was granted the license to act as a Direct Insurance Broker by insurance regulator IRDAI in 2017.