InsuranceDekho to raise $100M in latest round: source

InsuranceDekho, automobile aggregator CarDekho's insurance business, was founded in 2016 by Ankit Agrawal. At present, the insuretech startup has partners across more than 1,000 Indian cities.
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Insurtech venture InsuranceDekhois gearing up to close a fresh funding round of $100 million, sources familiar with the matter told YourStory.

The Gurugram-headquartered insurance aggregator is a part of GirnarSoft, an IT solutions and services company that also owns CarDekho—an automobile aggregator that turned unicorn last year after raising a pre-IPO round.

InsuranceDekho declined to comment on the fundraise.

In 2019, CarDekho launched the insurance platform to make it easier for customers to buy motor and health insurance. It tied up initially with over 20 motor and health insurance issuers and has since expanded into life, term, and retirement plans, among other forms of insurance.

A largely digital platform that lets users compare insurance plans and invest in the ones that fit them best, InsuranceDekho recently launched a feet-on-street programme called 'InsuranceDekho Saathi' to make insurance buying easier for those who don't have access to the internet or feel uncomfortable transacting online.

The startup has partnered with kirana shop owners, vegetable vendors, and housewives to sell insurance.

Its foray into offline insurance was bolstered by a survey it conducted that showed, that despite the depth of digital penetration in the country, offline agents continued to be the preferred and dominant channel to buy insurance.

Last year, in an interview with YourStory, Ankit Agrawal, CEO and Founder of InsuranceDekho, said that the startup had expanded into more than 1,000 Indian cities, up from 17 cities when it had started.

In 2020, the insuretech startup received $20 million in funding from its parent company GirnarSoft, which it said it would use for branding and strengthening its tech, product, and sales teams.

InsuranceDekho competes with the likes of PolicyBazaar, which went public last year, Bank Bazaar, ACKO Insurance, and Coverfox Insurance, among others.

(The copy has been updated to change "has closed" to "gearing up to close a fresh funding round" in the first paragraph.)

Edited by Suman Singh