InsuranceDekho Raises $70 Mn To Bolster Its Tech Stack

Insurance tech major InsuranceDekho has raised $70 Mn (around INR 611 Cr) in an undisclosed funding round co-led by existing investors, including Beams Fintech Fund, Mitsubishi UFJ Financial Group (MUFG) and insurer BNP Paribas Cardif.

The company plans to deploy the freshly raised funds in expanding its footprint, enhancing its tech stack and strengthening its position in the Indian insurance market.

“With our continued focus on digital transformation and customer-centric solutions, we are well-positioned to drive the next wave of insurance adoption in India,” said InsuranceDekho founder and chief executive officer Ankit Agrawal.

Prior to this, InsuranceDekho raised $60 Mn in its ongoing Series B funding round from MUFG, BNP Paribas Cardif and Beams Fund, among others. 

The Gurugram-based startup turned profitable in the financial year 2023-24 (FY24), after posting a net profit of INR 85.7 Cr, against a loss of INR 51.6 Cr in FY23. During the fiscal under review, its operating revenue zoomed 670% to INR 743.6 Cr in FY24 from INR 96.5 Cr in the previous year. 

InsuranceDekho was founded as the insurance arm of the online car marketplace CarDekho in 2017 by Agrawal and Ish Babbar. Later it was hived off to function as a separate unit. 

Earlier this year, the company’s Gurugram office was raided by the GST department for  alleged tax evasion. Back then, the DGGI officials barred employees from accessing certain parts of the company’s office, sources told Inc42.

Around the same time, the GST authorities also raided a wholly-owned subsidiary of insurtech major PB Fintech.

Besides, last year, InsuranceDekho also secured composite insurance broking licence from the Insurance Regulatory and Development Authority of India to offer reinsurance service to its clients beyond insurance broking.

The development comes at a time when India’s insuretech space is booming with support from investors as well as the government.

For instance, last year insurtech platform Zopper secured $25 Mn (around INR 211.2 Cr) in a Series D funding round to strengthen its overall tech stack, including the insurance distribution platform.

Similarly, SMEs-focused insurtech startup raised an additional $21 Mn in its Series B funding round raised an additional $21 Mn.

The Union Budget 2025 opened the insurance sector to 100% foreign direct investment (FDI), removing the 74% cap, with the condition that the premium funds remained in India.

As per an Inc42 report, insurtech space is expected to be a $307 Bn market by this time, averaging a 17% growth rate.