Highlights
InsuranceDekho Secures Up to $100 Million in New Funding Round
Insurtech firm InsuranceDekho is poised to raise up to $100 million in a fresh funding round, spearheaded by current investors including C Investments, Beams Fintech Fund, and MUFG Bank Limited. According to sources, a significant Indian bank is also participating in this investment round, which is projected to assign a valuation of approximately $750-800 million to InsuranceDekho.
The company previously secured ₹122 crore (around $14.5 million), primarily from C Investments, with contributions from Beams Fintech Fund and MUFG Bank Limited, as demonstrated in its regulatory filings.
- C Investments invested ₹63.2 crore
- Beams Fintech Fund contributed ₹9.5 crore
- MUFG Bank Limited invested ₹49.3 crore
This upcoming funding follows a 15-month hiatus since its Series B round, which raised $60 million through a combination of equity and debt. Mitsubishi UFJ Financial Group (MUFG) and BNP Paribas Cardif participated in this round through its insurance fund.
As of Saturday, queries directed to InsuranceDekho had not received a response prior to the publication of this article.
InsuranceDekho’s Offerings
InsuranceDekho provides customers with the ability to compare and purchase various insurance products, including:
- Motor insurance
- Health insurance
- Travel insurance
- Pet insurance
Additionally, the firm offers diverse investment products, such as:
- ULIPs
- Child plans
- Fixed deposits
- Retirement plans
With six years in operation, the startup collaborates with numerous insurance providers and claims to have direct integration with nearly 50 companies. Notably, the company is in the process of merging with RenewBuy and is awaiting the necessary regulatory approvals.
Financial Performance
In the previous fiscal year ending March 2024, InsuranceDekho achieved remarkable growth, with revenues increasing seven-fold to ₹743.6 crore in FY24 from ₹96.5 crore in FY23. Furthermore, the company reported a profit of ₹85.71 crore during the last fiscal year.
