Beams Fintech leads InsuranceDekho's $60M Series B funding round, injects $10M

InsuranceDekho, India's leading insurtech player, has raised $60 million in its ongoing Series B funding round, marking a significant milestone for the company. With this latest capital infusion, a mix of equity and debt, the company has attracted new marquee investors to its cap table while reaffirming the confidence of existing investors. This is the second fundraise for the Gurugram-based startup in 2023, taking its total fundraise to over $200 million, further solidifying its position as the leading Indian insurtech.

India-focused Beams Fintech Fund led the round with an injection of $10 million, while Japanese giant Mitsubishi UFJ Financial Group, Inc. (MUFG), insurer BNP Paribas Cardif, through its insurtech fund managed by European investment major Eurazeo, and Yogesh Mahansaria Family Office have come on board as new investors.

InsuranceDekho’s existing investors, TVS Capital, Goldman Sachs Asset Management and Avataar Ventures, also invested, reiterating their confidence in the company. In February, InsuranceDekho had secured $150 million in the largest Series A funding raised by an insurtech in South Asia.

By securing more than $200 million in a year, InsuranceDekho has cemented its position amongst the very few startups that were able to raise large Series A and B funding in the same year, a significant win amidst the ongoing funding winter. This fundraise is a testimony to InsuranceDekho’s vision of insuring every Indian and its robust business model.

The insurtech player plans to utilise the proceeds from this funding round to boost its marketing activities, further expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities, and for new initiatives like re-insurance to continue democratising and revolutionising the insurance landscape in India.

Sagar Agarvwal, Managing Partner, Beams Fintech Fund, said, “We have spent a lot of time in the insurtech space now to identify challenges in the manufacturing and distribution of Insurance in India. The insurance space in India is marred with low penetration, lack of trust, mis-selling, limited access, and affordability.”

He added that within this complex space, they found InsuranceDekho building a large platform not just solving the penetration problem but also fostering trust and providing peace of mind to millions in India.

“In the diverse and growing Indian insurance market, where protection and financial security is paramount, the potential for growth in this sector is immense and InsuranceDekho is building a robust platform to capitalise on this opportunity.”

Ankit Agrawal, CEO and founder of InsuranceDekho, said, "We are incredibly thankful to our investors for trusting our vision and potential. Our aim has always been to make insurance accessible and user-friendly for all Indians, and this funding will allow us to accelerate our efforts, reach more customers, and innovate further in the insurtech space. The insurance sector in India is at the cusp of a tech-backed revolution and I believe InsuranceDekho is well positioned as one of the pioneers leading this transformation.”

Since its inception in 2017, InsuranceDekho has witnessed a significant growth trajectory. It is on track to achieve Rs 3,600 crore premium this financial year and aims to have 2,00,000 agent partners on its platform by March 2024.

Currently, the insurtech player is present in 1,500+ regions, covering 98% of pin codes across the country. It gets a 90%+ premium from Tier 2 and beyond regions. InsuranceDekho has served over six million customers till date and is currently insuring 12 Indians every minute.

Amit Jain, CEO and Co-founder of CarDekho Group, said, "InsuranceDekho is expanding at a rapid pace and reaching remarkable milestones. The infused capital will accelerate its growth trajectory, providing the impetus to reach more underserved markets with a reliable insurance platform. This investment brings the company one step closer to its vision of enhancing insurance penetration across the nation. Under the dynamic leadership of Ankit and Ish alongside a great team, InsuranceDekho has demonstrated outstanding success, disrupting the insurtech landscape in India. InsuranceDekho will continue to leverage tech, innovate and disrupt the insurtech space to be the pioneer in making insurance accessible to Bharat.”