InsuranceDekho, the insurtech platform that lets consumers compare and buy insurance in India’s still heavily under-penetrated insurance market, has gained $60mn in a new Series B round. This is the insurance platform’s second fundraise this year, crossing $200Mn in combined fundraise for the year. The new round saw a slew of marquee institutional names in the banking and finance space backing InsuranceDekho. This includes Japan’s MUFG, Goldman Sachs, InvestCorp among others.
The round comes just 8 months after a $150Mn Series A saw InsuranceDekho raise one of the largest rounds raised by an Indian insurtech company till date. It also marks a stark contradiction to an otherwise “funding winter” that has engulfed even some of India’s biggest ‘unicorn’ startup names across industries.
To say that India’s insurance market is under-penetrated, will be an under-statement. The country, despite processing the most digital financial transactions in the world, still has a paltry 4.1% insurance coverage across the nation. A nation, that is the most populous place on earth, has massive market potential for this segment, and InsuranceDekho is hitting the right notes, thus getting sizeable money in an otherwise grim investment scenario.
InsuranceDekho plans to utilize the proceeds to boost its marketing activities, expand its distribution across the country, scale up its tech platform and explore inorganic growth, the firm said in a press release.
Claiming to have served nearly 6 million consumers in India, InsuranceDekho said that it is on track to achieve Rs 3,600 crore (~$38Mn) in premium this financial year and is targeting to have 2,00,000 agent partners on its platform by March 2024. It claims to be directly integrated with over 50 insurance companies across India, offering more than 380 insurance products, including 175 for health and life.
