InsuranceDekho, the domestic insurtech firm, has now secured $70mn in a new funding round. The round was led by Beams Fintech Fund, an investor known for backing fintech and digital financial services companies, and also saw participation from MUFG and BNP Paribas Cardif, two global financial institutions that have been increasingly investing in the domestic digital economy.
BNP Paribas Cardif contributed through its insurtech fund, managed by the European investment firm Eurazeo, marking its second investment this year. The proceeds from the latest round of funding are expected to boost its expansion efforts, especially into underserved regions where insurance penetration remains low. This will, in turn, bring insurance services to a larger segment of the population, particularly in tier-2 and tier-3 cities. Funds will also be dedicated to boosting the firm’s tech infrastructure, as well as expanding its expand its product portfolio to cater to a wider range of customer needs.
“We have been strong believers of InsuranceDekho’s vision since our initial investment. Their phenomenal growth, robust distribution network, and relentless focus on technology-driven accessibility make them a clear industry force. We have strong conviction in Ankit and the entire InsuranceDekho management team,” Sagar Agarwal, founder and Partner at Beams Fintech Fund, commented on the development.
Founded in 2017, InsuranceDekho has emerged as a key player in India’s insurtech industry, offering a platform that is said to simplify insurance buying and claims processing. The company, established by Ankit Agrawal, has focused on leveraging AI to make insurance more accessible and transparent for Indian consumers, ensuring that user can compare insurance policies from a variety of companies. Today, the startup provides insurance solutions across multiple segments – motor, health, life, and corporate – and has served more than 10.2 million customers across the country. The platform reportedly issues an average of 21 policies per minute, highlighting the efficiency of its digital infrastructure. Additionally, the company has developed a strong network of 220,000 partners, enabling it to distribute over 720 insurance products. It has also established partnerships with 49 insurance companies.
The financials are in its favor – the startup demonstrated strong financial growth over the past year, achieving profitability in the 2024 fiscal year. The company reported a Profit After Tax (PAT) of ₹86 crore, a significant turnaround from the previous fiscal year’s loss of ₹51 crore. Additionally, its operating revenues saw substantial growth, surging to ₹743 crore in the last financial year, marking a 7.7-fold increase from the previous year’s ₹96.5 crore.