InsuranceDekho raises $150 mn, largest-ever Series A funding in India
Insurtech company InsuranceDekho on Tuesday said it has raised $150 million in its Series A funding, led by Goldman Sachs Asset Management and TVS Capital Funds.
Touted as the largest-ever series A round by an Indian insurtech company, the fresh funding, a mix of equity and debt, also saw participation from Investcorp, Avataar Ventures and LeapFrog Investments.
“The fundraising 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,” said Ish Babbar, Co-founder and CTO, InsuranceDekho.
The company said that it will use the funds to scale up its product and technology functions, expand to new markets, and launch new products in the health and life categories.
InsuranceDekho was launched by automobile aggregator CarDekho in 2016.
During FY22, InsuranceDekho’s revenue surged 61 per cent to Rs 47.91 crore from Rs 29.71 crore in FY21.
The company aims to achieve an annualised premium run rate of Rs 3,500 crore by March 2023.
“InsuranceDekho has demonstrated a proven ability to bring new-to-insurance channel partners to their platform while empowering them through technology-based solutions and working closely with insurers,” said Rajat Sood, managing director at Goldman Sachs Asset Management.
InsuranceDekho is present in more than 1,300 towns covering 98 per cent of pin codes in the country.