InsuranceDekho raises funding led by MUFG Bank and C. Development
The funding was led by investors such as Beams Fintech Fund 1, MUFG Bank Ltd., and C. Development (a French limited partnership).
Girnar Insurance Brokers Private Limited, the parent company of Insurance Dekho, has raised capital in a new round led by investors such as Beams Fintech Fund 1, MUFG Bank Ltd., and C. Development (a French limited partnership).
MUFG Bank has led the investment with a commitment of Rs 49.3 crore, followed by C. Development with Rs 63.22 crore, and Beams Fintech Fund 1 with Rs 9.4 crore.
The filings with the Ministry of Corporate Affairs showed that the firms bought 4.33 million shares of InsuranceDekho for ₹121.94 crore.
The private placement will see the issuance of 43,39,885 equity shares at a face value of Rs 10 each, with a premium of Rs 270.98 per share.
InsuranceDekho's plans to raise money was first reported by The Captable.
InsuranceDekho's parent CarDekho Group reported a net revenue of Rs 2,074 crore in FY24, a 54% increase from Rs 1,347 crore in FY23 (adjusted for discontinued used car sales). The growth was largely attributed to the diversified portfolio of the group, driven by its insuretech arm, InsuranceDekho, and fintech platform, Rupyy.
CarDekho posted standalone profitability for the first time, with a profit of Rs 37 crore (before exceptional items) in FY24. This was a significant improvement from a loss of Rs 143 crore in FY23. Consolidated losses also reduced to Rs 340 crore, compared to Rs 562 crore in the previous fiscal year.
InsuranceDekho recorded Rs 3,000 crore in premium in FY24, with a network of 150,000 agents operating across over 1,500 cities, covering 98% of India’s pin codes. It has served more than 9 million customers, insuring an average of 21 individuals per minute.
Edited by Megha Reddy