GirnarSoft, the parent company of India’s auto portals CarDekho.com, Gaadi.com, and Zigwheels.com, on Tuesday announced it plans to invest $20 million in its subsidiary InsuranceDekho, an omni channel insurance platform.
According to a statement released by the company, the startup will use the funds to invest in branding and strengthening its tech, product, and sales teams.
Commenting about the investment, Amit Jain, CEO and Co-Founder, GirnarSoft, said,
“InsuranceDekho started as a modest initiative to complete the ecosystem play. Over the years, under Ankit’s leadership, it has taken a life of its own and ranks among the leading insuretech companies in the country. They have inherited CarDekho’s capital efficiency and tech prowess but are building a large and independent business of their own."
"This proposed fund infusion is our vote of confidence in their ability to build India’s most enduring insuretech business in India,” he added.
Launched in 2017, InsuranceDekho is an insurtech venture that enables its consumers to compare different insurance policies based on their requirements and offering them the best choices available.
Speaking about the new development, Ankit Agrawal, CEO and Co-founder, InsuranceDekho, said,
"In the first phase of our journey, we created a unique three-way marketplace of insurance consumers, India’s leading insurance companies, and distribution partners. This new capital infusion will be used to expand our digital footprint."
"We are already a force to reckon with in the B2B space. With this round we aim to invest in branding and marketing to further strengthen our B2C platform, which has been seeing strong traction over the last two quarters.”
The online insurance platform has tied-up with over 26 general insurance companies. It claims to be at an annualised run rate of 20 lakh policies and intends to close March 2021 at an annualised run rate of 36 lakh policies.
The company, which has over 12,000 partners in over 350 cities, foresees an accelerated shift towards digital platforms in the current environment.
Edited by Megha Reddy