InsuranceDekho Secures $70 Million in Funding

InsuranceDekho, a prominent insurtech firm, has successfully raised $70 million in a funding round co-led by Beams Fintech Fund, Japan’s Mitsubishi UFJ Financial Group (MUFG), and insurer BNP Paribas Cardif through its insurtech fund managed by the renowned European investment firm Eurazeo.

Recently, the startup Superb highlighted this funding round a couple of months ago. In October 2023, InsuranceDekho, which is based in Gurugram, achieved an impressive $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group.

About InsuranceDekho

Established in 2017 by Ankit Agrawal, InsuranceDekho allows clients to compare and acquire various insurance policies, including motor, health, travel, and pet insurance. Additionally, the firm offers a variety of investment plans such as Unit Linked Insurance Plans (ULIPs), child plans, fixed deposits, and retirement plans.

InsuranceDekho partners with a multitude of insurance providers and features direct integration with nearly 50 companies. Furthermore, the company is currently undertaking a merger with RenewBuy and is awaiting the necessary regulatory approvals.

Future Prospects

Agrawal stated in a press release that this new capital would allow the company to expand its reach, improve its tech-enabled services, and strengthen its status as India’s leading insurance platform. With a steadfast commitment to digital transformation and solutions focused on the customer, InsuranceDekho is well-positioned to spearhead the next phase of insurance adoption in India.

Customer Impact and Growth

So far, InsuranceDekho claims to have served over 10.2 million customers across the country, with 21 new policies being issued every minute on its platform. The company has established a presence in 99% of India’s pin codes, supported by a network of 220,000 partners offering more than 720 insurance products across various categories, including Motor, Health, Life, and Corporate Business.

As reported by multiple sources, InsuranceDekho has experienced remarkable growth in its revenue, achieving a seven-fold increase to Rs 743.6 crore in FY24, up from Rs 96.5 crore in FY23. The company also reported a profit of Rs 85.71 crore in the last fiscal year.

This marks Beams Fintech Fund’s second investment in 2025, following a Rs 200 crore investment in a pre-IPO opportunity with one of India’s largest unlisted non-banking financial companies (NBFCs) that specializes in used commercial vehicle financing. This company is set to go public in June 2025.