InsuranceDekho raises $70M from Beams, MUFG and BNP Paribas Cardif

InsuranceDekho has raised $70 million in a funding round co-led by Beams Fintech Fund, Japan’s Mitsubishi UFJ Financial Group (MUFG), and insurer BNP Paribas Cardif through its insurtech fund managed by Eurazeo.

The capital will help InsuranceDekho, which is backed by the CarDekho Group, expand its distribution network and strengthen its AI-driven insurance solutions.

The company, founded in 2017 by Ankit Agrawal, claims to have served more than 10.2 million customers nationwide, with a footprint across 99% of India’s pin codes.

“We have been strong believers in InsuranceDekho’s vision since our initial investment,” said Sagar Agarwal, Founder & Partner at Beams Fintech Fund, in a statement. “Their phenomenal growth, robust distribution network, and relentless focus on technology-driven accessibility make them a clear industry force.”

This is Beams Fintech Fund's second investment in 2025, following a Rs 200-crore pre-IPO investment in one of India's largest unlisted NBFCs specialising in used commercial vehicle finance. The firm has deployed over Rs 300 crore this year and is in advanced talks to back an MSME micro-LAP lender.

Filings with the Ministry of Corporate Affairs from January show that InsuranceDekho had recently raised funds through a round led by Beams Fintech Fund 1, MUFG Bank Ltd., and C. Development (a French limited partnership). MUFG Bank had 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 indicate that the firms collectively acquired 4.33 million shares of InsuranceDekho for Rs 121.94 crore. The private placement involved 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 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 insurtech 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.