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

Company Overview

Founded in 2017 by Ankit Agrawal, InsuranceDekho has rapidly positioned itself as a leader in India’s insurtech sector. The platform offers a comprehensive range of insurance products, including motor, health, life, and commercial insurance, allowing users to compare and purchase policies from top-rated insurers.

with leveraging AI-driven technologies, InsuranceDekho simplifies the insurance process for millions across the nation.

Funding Details

• Total Amount Raised: $70 million
• Lead Investors: Beams Fintech Fund, MUFG, and BNP Paribas Cardif
• Total Funding to Date: $324 million over five rounds

Business Model & Future Plans

InsuranceDekho generates revenue through commissions earned on policy sales across various insurance categories. The platform has achieved significant milestones, serving over 10.2 million customers and issuing 21 new policies every minute.

The newly secured funds are earmarked for expanding the company’s reach, enhancing technological offerings, and solidifying its position as India’s premier insurance platform.

Market Impact & Competitors

This substantial investment reinforces InsuranceDekho’s standing in the competitive insurtech landscape, enabling further market penetration and technological advancements. Major competitors include platforms like Probus Insurance and OneAssure, which also offer a variety of insurance products.

However, InsuranceDekho’s extensive product range, vast partner network, and technological focus provide a competitive edge.

Conclusion

With robust investor backing and a clear vision for growth, InsuranceDekho is poised to drive the next wave of insurance adoption in India, making insurance more accessible and user-friendly for consumers nationwide.