InsuranceDekho bags $150 Mn in Series A round of funding. This funding round was led by Goldman Sachs Asset Management and TVS Capital funds. Furthermore, this funding round also saw participation from Investcorp, Avataar Ventures and LeapFrog Investments. Besides, this funding round was a mix of debt and equity.
With the completion of this funding round, this round became the largest series A round by an Insurtech company. Haitong Securities India acted as an advisor for this series A round.
This Insurtech company plans to utilize the funds for scaling its product and technology. It will also use the funds to launch innovative products in the health and life sectors.
Also, this Gurugram-based company will look forward to using the funds for penetrating deeper into the market. The company will use infused capital to elevate the Micro, MSME business of the company. It will also use the capital to strengthen the leadership team and create more growth opportunities.
Set up in 2016 by Ankit Agarwal and Ish Babbar, InsuranceDekho has grown exclusively in recent years. InsuranceDekho is an insurtech platform that allows users to compare quotes from different insurance companies. It helps users to buy the best insurance policy as per their choices.
This Gurugram-based insurtech player has seen rapid growth since its inception. It aims to achieve an annualized run rate of Rs. 3500 by March 2023. Additionally, the company also aims to include more than 2,00,000 insurance advisors on the platform.
Its growth rate is tremendous and is growing extensively each day. Around 82% of its premium is achieved from Tier 2 cities. Currently, InsuranceDekho operates in more than 1300 cities.
This insurance tech firm provides business to many insurance providers. It works directly with almost 46 insurance companies. Its offering consists of 380 products which include 175 health and life products.
Certainly, the company will introduce more new products and evolve continuously in the near future.
Featured Image Credit: Financial IT
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