Japanese giant Mitsubishi UFJ Financial Group, Inc. (“MUFG”), the 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 come on board as new investors. InsuranceDekho’s existing investors, TVS Capital, Goldman Sachs Asset Management and Avataar Ventures, also invested, re-enforcing their confidence in the company. In February, InsuranceDekho had secured $150 million in the largest Series A funding raised by an Insurtech in South Asia.
By securing more than $200 million in a year, InsuranceDekho has not only emerged as the leading Indian Insurtech; but has also cemented its position amongst the very few startups to be able to raise large Series A and B funding in the same year, a significant win amidst the ongoing funding winter. This exceptional fundraise is a testimony of InsuranceDekho’s vision of insuring every Indian and its robust business model.
The Insurtech player plans to utilize the proceeds from this funding round to boost its marketing activities, further expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities, and for new initiatives like Reinsurance to continue democratizing and revolutionizing the insurance landscape in India.
Ankit Agrawal, CEO and founder of InsuranceDekho said,” We are incredibly thankful to our investors for trusting our vision and potential. Our aim has always been to make insurance accessible and user-friendly for all Indians, and this funding will allow us to accelerate our efforts, reach more customers, and innovate further in the Insurtech space. The insurance sector in India is at the cusp of a tech-backed revolution and I believe InsuranceDekho is well positioned as one of the pioneers leading this transformation.”
Founded by Ankit Agrawal and Ish Babbar in 2017, InsuranceDekho has witnessed a significant growth trajectory. It is on track to achieve ₹3,600 crores premium this financial year and is targeting to have 2,00,000 agent partners on its platform by Mar’24. Currently, the Insurtech player is present in 1500+ regions, covering 98% of pin codes across the country. It gets 90%+ premium from tier 2 and beyond regions. InsuranceDekho has served 6Mn+ customers till date and is currently insuring 12¹ Indians every minute.
Amit Jain, CEO and Co-founder of CarDekho Group added, “InsuranceDekho is expanding at a rapid pace and reaching remarkable milestones. The capital infused will accelerate its growth trajectory, providing the impetus to reach more underserved markets with a reliable insurance platform. This investment brings the company one step closer to its vision of enhancing insurance penetration across the nation. Under the dynamic leadership of Ankit and Ish alongside a great team, InsuranceDekho has demonstrated outstanding success, disrupting the Insurtech landscape in India. InsuranceDekho will continue to leverage tech, innovate and disrupt Insurtech space to be the pioneer in making insurance accessible to Bharat.”
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’s tech-driven last-mile distribution model perfectly aligns with our vision of advancing insurance outreach in India. We commend the visionary leadership of Ankit and Ish, and their strong executional approach that adds value for all the stakeholders in the insurance value chain. Together, we commence this journey with InsuranceDekho, with the objective of supporting the company’s growth journey going forward”.
Matthieu Baret, Managing Partner – Venture at Eurazeo, said, “We are thrilled to make InsuranceDekho our first investment in India with the insurer BNP Paribas Cardif. After our investments in China, Indonesia and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.”
Sagar Agarvwal, Managing Partner, Beams Fintech Fund said, “We have spent a lot of time in the Insurtech space now to identify the challenges in the manufacturing & distribution of Insurance in India. The Insurance space in India is marred with low penetration, lack of trust, mis-selling, limited access and affordability. Within this complex space, we found InsuranceDekho, led by the incredibly talented team of Ankit Agrawal and Ish Babbar, building a large platform not just solving the penetration problem but also fostering trust & providing peace of mind to millions in India. In the diverse & growing Indian insurance market, where protection and financial security is paramount, the potential for growth in this sector is immense & InsuranceDekho is building a robust platform to capitalize on this opportunity.”
Rajat Sood, Managing Director, Goldman Sachs Asset Management, said: “InsuranceDekho continues to help improve insurance penetration in India by bringing value-added solutions to the insurance market using its technology platform and capitalizing on its expanding distribution partner network. We have been supporting the company’s growth by leveraging our network and resources, and we look forward to creating more value as InsuranceDekho continues to scale up its business.”
Praveen Sridharan, Partner at TVS Capital added, “We remain steadfast in our conviction that to enhance insurance penetration, there must be a simultaneous improvement in accessibility. This aligns seamlessly with InsuranceDekho’s overarching mission of extending insurance coverage to the remote corners of India, including its smaller towns and villages. This funding round reaffirms our confidence in the team and positions InsuranceDekho to drive innovation in the Insurtech sector.”
