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Coimbatore

InsuranceDekho Raises $150M in Series A Funding

Covai Post Network

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Coimbatore : InsuranceDekho, India’s leading Insurtech player, today said it has raised $150 million in Series A funding consisting of a mix of equity and debt, the largest ever series A round by an Indian Insurtech company. The equity round was led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and LeapFrog Investments. InsuranceDekho was founded by Ankit Agrawal and IshBabbar in 2016. Since its inception, the company has seen significant premium growth and aims to achieve annualized premium run-rate of INR 3,500 crores by March 2023. InsuranceDekho CEO and Co-founder Ankit Agrawal, said: “We need to go beyond the urban regions when it comes to insurance penetration in the country. To realize our goal of democratizing insurance for the general public, we are expanding our reach and will continue to build on our tech-based solutions and empowered advisors so that they can serve every village and region of India by the end of the year. India is on the verge of a revolution in insurance, and InsuranceDekho is well positioned to meet the insurance needs of every Indian.” InsuranceDekho CTO and Co-founder IshBabbar said: “Insurance distribution in India is a complex problem that needs innovative solutions. The fundraise will enable us to deploy scalable Insurtech solutions in the areas of data analytics, Artificial Intelligence, last mile servicing and claims management while keeping customer experience at the core of everything.” By the end of this calendar year, InsuranceDekho aims to have more than 200,000 insurance advisors active on its platform. InTamil NaduID is expanding its team very aggressively and aims to have a network of 10000 insurance advisors in near future. Typically, most InsuranceDekho insurance advisors observe a threefold increase in total household income within six months of being associated with the company. The advisor’s ability to earn more allows them to significantly improve the quality of living for their families.

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