InsuranceDekho, India’s leading Insurtech player, has raised $150 million in Series A funding consisting of a mix of equity and debt, the largest ever series A round by an Indian Insurtech company. The equity round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and LeapFrog Investments.
InsuranceDekho was founded by Ankit Agrawal and Ish Babbar in 2016 and has seen significant premium growth. It aims to achieve annualized premium run-rate of INR 3,500 crores by March 2023. The latest funding will be used to scale up product and technology functions, expand to new markets, launch new innovative products, grow the company’s MSME insurance business, strengthen its leadership team, and pursue inorganic growth opportunities.
Insurance penetration in India is 4.2% of GDP, with 85% of premium centered in metros and Tier 1 cities. InsuranceDekho is present in 1,300 towns covering 98% of pin codes and aims to have 200,000 insurance advisors active by the end of this year. InsuranceDekho works with 46 insurance companies to offer 380 insurance products. Ankit Agrawal, CEO and Co-founder, InsuranceDekho, said: “India is on the verge of a revolution in insurance, and InsuranceDekho is well positioned to meet the insurance needs of every Indian.”
