InsuranceDekho clinches $150m in Series A funding round

It is considered the largest-ever Series A round by an Indian Insurtech company.

Insurtech firm InsuranceDekho has raised $150m in a Series A funding round consisting of a mix of equity and debt, the largest ever series A round by an Indian Insurtech company. 

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 INR35b ($422.2m) 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.

“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,” CEO and co-founder, Ankit Agrawal said.