InsuranceDekho Raises $150 Million In Series A Funding The fund raised 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 MSME insurance business, strengthen its leadership team and pursue inorganic growth opportunities
By Teena Jose
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InsuranceDekho, an insurtech player, has raised $150 million in Series A funding consisting of a mix of equity and debt, that is claimed to be 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 LeapFrog Investments. The fund raised 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 and medium enterprise (MSME) insurance business, strengthen its leadership team and pursue inorganic growth opportunities.
"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," said Ankit Agrawal, CEO and co-founder, InsuranceDekho.
As part of its mission to provide access to insurance throughout the country, InsuranceDekho gets 82% of its premium from tier 2 and beyond regions. It is present in more than 1,300 towns covering 98% of pin codes in India and is working towards establishing 100% penetration in the country. By the end of this calendar year, InsuranceDekho aims to have more than 200,000 insurance advisors active on its platform, claimed by the company in a statement.
"InsuranceDekho has demonstrated a proven ability to bring new-to-insurance channel partners to their platform, while empowering them through technology-based solutions and working closely with insurers. We look forward to leveraging our global domain expertise and supporting the management team in its expansion to provide broader coverage and more solutions nationwide," said Rajat Sood, a managing director at Goldman Sachs Asset Management.
Founded by Ankit Agrawal and Ish Babbar in 2016, InsuranceDekho enables its consumers to compare different insurance policies based on their requirements and helps them purchase the most suitable plan.
