Insurtech company InsuranceDekho has raised $150 million in Series A funding, consisting of a mix of equity and debt, led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and LeapFrog Investments.
This is the largest ever Series A round by an Indian insurtech company. The latest funding will be used to scale up InsuranceDekho’s product and technology functions, expand to new markets, and launch new products in the health and life categories, the company said in a press release.
The company will utilise the funds to scale up its product and technology functions, expand to new markets, pursue inorganic growth, strengthen its leadership team, launch new innovative products in the health and life categories, and grow the company’s MSME insurance business, it said in the statement.
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About InsuranceDekho
Founded in 2016 by Ankit Agrawal and Ish Babbar as part of the auto tech platform CarDekho Group, InsuranceDekho allows consumers to compare different insurance policies based on their requirements and buy the most suitable plan for life, property and casualty insurance. Its holding entity GIBPL was granted the Direct Insurance Broker license by IRDAI in 2017.
At present, InsuranceDekho claims to be directly integrated with 46 insurance companies across India, offering more than 380 insurance products, including 175 for health and life. It plans on reaching an annualised premium run rate of Rs 3,500 crore by March 2023, it said in the statement.