Gurugram-based InsuranceDekho has raised $150 million in a Series A funding round led by Goldman Sachs Asset Management and TVS Capital Funds. Investcorp, Avatar and LeapFro Investments also joined the round. The funding came through a mixture of equity and debt.
The company will utilise the fund to scale its product and technology functions. It also wants to expand operations in new markets and eyes to diversify its product portfolio across categories like health and life. Additionally, it is intending to increase its micro, small and medium enterprise (MSME) business.
Founded by Ankit Agrawal and Ish Babbar in 2016, InsuranceDekho aims to achieve a premium run rate of Rs 3,500 crore by 2023. Additionally, the company targets to have more than 20,000 insurance advisors on its platform.
Talking about the latest development, Ankit Agrawal, CEO (chief executive officer) and co-founder of InsuranceDekho, said, “We need to go beyond the urban regions when it comes to insurance penetration in the country. 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.”
Ish Babbar, chief technology officer (CTO) and co-founder, InsuranceDekho, said, “Insurance distribution in India is a complex problem that needs innovative solutions. The fundraising will enable us to deploy scalable Insurtech solutions in the areas of data analytics, Artificial Intelligence, last mile servicing and claims management while keeping customer experience at the core of everything.”
Addressing the investment, Rajat Sood, a managing director (MD) at Goldman Sachs Asset Management, said, “Technological innovation is transforming the Indian insurance industry by making coverage more accessible and affordable. 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.”
