InsuranceDekho, an InsurTech which has positioned itself as a leader in the Indian market, has raised $150m in Series A funding.
The round, which consisted of a mis of equity and debt, was ed by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and existing investor, LeapFrog Investments.
According to InsuranceDekho, this is the largest ever Series A round by an Indian InsurTech company.
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.
According to InsuranceDekho, India’s current insurance penetration is 4.2% of GDP compared to 12% in the USA and 7% globally. Additionally, almost 85% of India’s existing insurance premium is centred in the metros and Tier 1 cities.
InsuranceDekho is on a mission to change this, and to make sure people have access to insurance products throughout the country.
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 democratising 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.”
Last year, MetaMorphoSys, a business-to-business (B2B) SaaS InsurTech also based in India, raised $3m in funding to help insurance companies tackle industry challenges.
Copyright © 2023 FinTech Global
