Indian insurtech firm InsuranceDekho has raised US$150 million in Series A funding round consisting of a mix of equity and debt.
The round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and existing investor, LeapFrog Investments.
InsuranceDekho will be using the funds to scale up its product and technology functions, expand to new markets, and launch new innovative products in the health and life categories.
Additionally, the insurtech is also seeking to grow its Micro, Small & Medium Enterprise (MSME) insurance business and strengthen its leadership team.
Founded in 2016, InsuranceDekho works with most insurance providers and has direct integration with 46 insurance companies across India offering more than 380 insurance products including 175 products for health and life.
The company aims to achieve annualised premium run-rate of INR 3,500 crores (approximately US$8 million) by March 2023.
Ankit Agrawal
Ankit Agrawal, CEO and Co-founder, InsuranceDekho said,
“To realize our goal of democratising insurance for the general public, we are expanding our reach and will continue to build on our tech-based solutions and empowered advisors so that they can serve every village and region of India by the end of the year.
India is on the verge of a revolution in insurance, and InsuranceDekho is well positioned to meet the insurance needs of every Indian.”
Ish Babbar
Ish Babbar, CTO and Co-founder, InsuranceDekho said,
“Insurance distribution in India is a complex problem that needs innovative solutions.
The fundraise will enable us to deploy scalable insurtech solutions in the areas of data analytics, Artificial Intelligence, last mile servicing and claims management while keeping customer experience at the core of everything.”
