InsuranceDekho raises $60 million in ongoing Series B funding round
Summary
Insurtech startup InsuranceDekho on October 11 announced that it has raised $60 million in a mix of equity and debt in an ongoing Series B founding round from Mitsubishi UFJ Financial Group, BNP Paribas Cardifs insurtech fund managed by Eurazeo, Beams Fintech Fund and Yogesh Mahansaria Family Office.This development comes a few months after the startup raised $150 million in a Series A round in February. We havent decided on the exact size of the Series B round yet, but weve seen a lot more interest and demand from investors than we originally expected about two to three times more, Ankit Agrawal, founder and CEO of InsuranceDekho told Moneycontrol.The fresh capital will be utilised to boost marketing activities, 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.To drive its expansion plans into the Indian hinterlands, InsuranceDekho has been aggressively acquiring other players including Mumbai-based SME focused insurance distributor Verak and IRSS, one of the largest institutional insurance distributors in Gujarat state, in April 2023.Agarwal said," 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. InsuranceDekho has served six million customers to date.InsuranceDekho is the insurance arm of the car-selling unicorn CarDekho.Agarwal said, We will continue to grow 2x YoY as we have been doing for the past few years. We aim to grow our non-motor businesses like MSME, launch new product categories and get into the Reinsurance broking business.According to Agarwal, Merger & Acquisition (M&A) is a big and core part of InsuranceDekhos growth strategy. We continue to explore inorganic opportunities in various areas like new product categories, geographical expansion, emerging and niche technologies, etc.