InsuranceDekho is an online insurance platform that enables its users to compare different insurance plans for health and life, pets, vehicles and travelling. The company makes it possible for consumers to choose the best offer according to their requirements.
The new funding round was led by Goldman Sachs Asset Management and TVS Capital. The round includes some debt – about $40 million – but its executives said that more than a half of the raise was against equity. Investcorp, Avataar Ventures and LeapFrog Investments also participated in the round. The valuation of InsuranceDekho is undisclosed.
InsuranceDekho, Gurgaon, India, was founded in 2016 by Alok Bhatnagar, Ankit Agrawal, Ish Babar, Sanjeev Gujral. Ankit Agrawal, co-founder and chief executive of InsuranceDekho, said the startup has established presence in about 98% of all zip codes in the nation, giving it an opportunity to go deeper as the market matures. Currently the startup is selling more than 80% of all its coverage in smaller Indian cities. InsuranceDekho is aiming to disburse total premiums worth over $240 million by March. “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,” noted Agrawal.