PE Fund Investments
InsuranceDekho raises $60-M in Series-B from MUFG, BNP Paribas, TVS Capital, others
Gurugram-based insurtech company InsuranceDekho has raised USD 60 million in its ongoing Series B funding round, which is a mix of equity and debt. Mitsubishi UFJ Financial Group (MUFG), BNP Paribas Cardif through its insurtech fund managed by Eurazeo, and Beams Fintech Fund joined the new round. Existing investors TVS Capital, Goldman Sachs Asset Management and Avataar Ventures also participated in the funding round which valued the company at USD 700-750 million. This is the second fundraise for the startup in 2023, and takes its total fundraise to more than USD 200 million. In February, the firm raised USD 150 million. InsuranceDekho plans to use the proceeds for marketing activities, to expand distribution, scale up tech platform and explore inorganic growth. InsuranceDekho lets users compare and buy third party insurance policies for vehicles, health, and life. The income derived from brokerage fees paid by insurance providers is the sole revenue stream for the company. The six-year-old firm works with most insurance providers and claims to have direct integration with nearly 50 insurance companies. InsuranceDekho posted INR 96.5 crore in revenue in FY23 as compared to INR 47.9 crore in FY22. The firm reduced its losses by 28.6% to INR 51.6 crore in the last fiscal. The company, with presence in more than 98% of pin codes, claims to have served more than 6 million customers to date.
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