India’s InsurTech sensation InsuranceDekho clinches $60m

Sonovate is the leading provider of end-to-end workflow technology and seamless access to finance at the point of need. Its funding and tech services cater to recruitment businesses, consultancies, and labour marketplaces who place permanent employees, contractors and freelancers around the world. Sonovate’s platform and expert service deliver swift credit decisions, same-day funding, credit insurance and collection services as well as timesheet and workflow automation, empowering companies to concentrate on expanding their business, confident that processes and funds are in place to meet payment deadlines. Since it started funding in 2014, Sonovate has lent over £4 billion to 3,300 businesses and 40,000 workers in 44 countries

India’s InsurTech startup InsuranceDekho, which emerged from the automobile marketplace group CarDekho, has reportedly secured $60m in its latest fundraising effort.

The financial backing for InsuranceDekho’s Series B funding comes from eminent names including Mitsubishi UFJ Financial Group, insurer BNP Paribas Cardif, Beams FinTech Fund, and the Yogesh Mahansaria Family Office, according to a report from TechCrunch. This impressive investment has elevated the valuation of the Indian startup to over $600m.

InsuranceDekho, renowned for its affiliations with a majority of insurance providers in India, prides itself on direct integration with nearly 50 firms, offering a staggering 400 plus insurance products. Currently, they are experiencing substantial demand for automobile insurance. Yet, they have grand plans to venture into health, life, and insurance for small to medium-sized businesses.

In terms of the broader landscape, the penetration of insurance in India lingers below 5% of the nation’s GDP, a stark contrast to the 12% observed in the U.S. Despite the low figures, InsuranceDekho has successfully made its mark, achieving a presence in approximately 98% of India’s zip codes. This vast coverage sees the startup predominantly selling in smaller Indian cities, accounting for more than 80% of its sales.

InsuranceDekho’s co-founder and chief executive Ankit Agrawal highlighted the company’s growth, mentioning its potential to sell premiums worth $432m this fiscal year.

Sonovate increases securitisation to £240M, bolstering its lending capabilities and international reach


  • Company increases securitisation to £240M from the £165M announced in 2022 and adds Lloyds Bank to its roster of finance providers.
  • Additional securitisation significantly expands Sonovate’s capacity to fund internationally, particularly in the Netherlands where it set up a new operation earlier this year.
  • Reinforces funder’s capability to provide flexible finance options for large businesses

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