InsuranceDekho valued at $600 million in Series B round

livemint.com:

MUMBAI : Insurtech startup InsuranceDekho on Tuesday said it has raised $60 million in a Series B funding round led by Japan’s Mitsubishi UFJ Financial Group (MUFG); insurer BNP Paribas Cardif through its insurtech fund managed by European investment major Eurazeo; Beams Fintech Fund; and Yogesh Mahansaria Family Office. A person aware of the transaction said the investment valued the company, the insurance unit of used-car platform CarDekho, at around $600 million. While a large part of the funding round is equity, a small portion has been raised via debt, the company said.

InsuranceDekho’s existing investors, TVS Capital, Goldman Sachs Asset Management and Avataar Ventures, also invested in the latest funding round. The funding will be used to beef up tech capabilities, enhance marketing efforts finance new initiatives like reinsurance, and pursue inorganic growth plans. The company raised $150 million from investors led by US-based Goldman Sachs Asset Management and TVS Capital Funds as part of its Series A round of funding in February this year.

It is also backed by other investors such as Investcorp, Avataar Ventures and LeapFrog Investments. Founded in 2017 by Ankit Agrawal and Ish Babbar, InsuranceDekho is looking to earn around ₹3,600 crore in premium for the current financial year (FY24) and is expecting to grow to ₹6,000 crore over the next 12 months, Ankit Agrawal, co-founder and CEO, InsuranceDekho said. The company earns about 82% of its premium from Tier-II cities and beyond.