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India’s InsurTech sensation InsuranceDekho clinches $60m

October 11, 2023

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.

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Additional securitisation significantly expands Sonovate’s capacity to fund internationally, particularly in the Netherlands where it set up a new operation earlier this year.