InsuranceDekho, who claim to be India’s leading Insurtech player, announces it has raised $150 million in Series A funding consisting of a mix of equity and debt – the largest ever series A round by an Indian Insurtech company. Traditionally much of the insurance market across India is sold by agents and many companies feel that tech, smartphones and data can revolutionises the distribution of insurance products in this 1.4 billion person market.
The equity round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and existing investor, LeapFrog Investments. InsuranceDekho was founded by Ankit Agrawal and Ish Babbar in 2016. Since its inception, the company has seen significant premium growth and aims to achieve annualized premium run-rate of INR 3,500 crores by March 2023.
The latest funding will be used to scale up InsuranceDekho’s product and technology functions, expand to new markets, launch new innovative products in the health and life categories, grow the company’s Micro, Small & Medium Enterprise (MSME) insurance business, strengthen its leadership team and pursue inorganic growth opportunities.
Ankit Agrawal, CEO and Co-founder, InsuranceDekho, said: “We need to go beyond the urban regions when it comes to insurance penetration in the country. To realize our goal of democratizing 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, 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.”
By the end of this calendar year, InsuranceDekho aims to have more than 200,000 insurance advisors active on its platform. Typically, most InsuranceDekho insurance advisors observe a threefold increase in total household income within six months of being associated with the company. The advisor’s ability to earn more allows them to significantly improve the quality of living for their families.
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. InsuranceDekho intends to expand its portfolio by offering more products in near future.
Haitong Securities India acted as sole investment bank to the fundraise.
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