Gurugram-based insurtech company InsuranceDekho has secured USD 70 million (~INR 611 crore) in a fresh funding round. The investment comes from Beams Fintech Fund, Mitsubishi UFJ Financial Group (MUFG), and BNP Paribas Cardif. They have increased their stakes in the company. The new funds will be used for expansion, AI-driven insurance solutions, and strengthening its market position in India. If everything goes according to the company’s plan, InsuranceDekho IPO will be listed in the next 15 to 18 months.
A Growing Fund and Bigger Ambitions
This isn’t the company’s first big funding round. In October 2023, it raised USD 60 million (~INR 524 crore) in a Series B round from the same investors. Earlier, in early 2023, it secured USD 150 million (~INR 1,311 crore) in Series A funding from Goldman Sachs Asset Management and TVS Capital Funds.
And there’s more to count—this latest round isn’t over yet. Founder and CEO Ankit Agrawal mentioned that the company might increase the funding to USD 85 million (~INR 741 crore), depending on investor interest.
“We haven’t finalized the numbers yet. There’s a chance we’ll raise an extra USD 10-15 million (~INR 87-131 crore). Our existing investors have shown strong confidence in us, and we might bring in one or two new investors as well,” Agrawal said.
Profits After Losses: A Financial Turnaround
InsuranceDekho turned profitable in FY24, posting a net profit of INR 86 crore—a sharp jump from its INR 51 crore loss in FY23. Revenue growth has been even more impressive. The company’s operating revenue grew nearly eight times, from INR 96.5 crore in FY23 to INR 743 crore in FY24.
This company came into existence in 2017 as a subsidiary of CarDekho. The company provides coverage to every corner of India and has over 2,20,000 partners who effectively present its product portfolio to the public, which has more than 720 products. In recent years, InsuranceDekho has emerged as a highly influential player in the Indian insurance marketplace. It has provided insurance solutions to 1.02 crore people. Currently, the company is working in collaboration with 49 insurance companies.
The company is also planning to enter the reinsurance market. In this process, it has secured composite insurance broking license from IRDAI.
Possible Merger with RenewBuy?
There are rumors that the company is in talks to merge with RenewBuy (a smaller competitor) before the InsuranceDekho IPO. If the deal goes through, the combined company could become India’s second-largest insurance aggregator, directly competing with PolicyBazaar (PB Fintech). The merger is expected to be a mix of cash and stock.
InsuranceDekho IPO Plans: Going Public by 2026-27
InsuranceDekho is eyeing an IPO. It is likely to list within the next 15-18 months, or we can say in late 2026/early 2027
“We are already working on the groundwork, but we will reassess the market conditions by the end of this year. InsuranceDekho IPO will not happen before late 2026 or early 2027,” Agrawal confirmed.
To better its market position, InsuraceDekho is in talks to raise another INR 131-175 crore (USD 15-20 million), with at least one new investor expected to come on board. The latest funding round was done at a slightly higher valuation than its previous USD 700-750 million (INR 6,114-6,552 crore) valuation in late 2023, showing continued investor confidence.
What to Keep in Bag Before InsuranceDekho IPO
InsuranceDekho plans to focus on sustainable growth, controlled spending, and steady expansion of 30-35% annually. The company is also investing in AI-driven insurance solutions to improve customer experience and efficiency.
With India’s insurance penetration still low, Agrawal sees big opportunities ahead. He believes that the government’s ‘Insurance for All by 2047’ initiative will drive further industry growth.
A major boost for the sector is the 100% FDI allowance in India’s insurance market, which could bring more international investors. As InsuranceDekho continues its rapid expansion, the industry will be watching closely—especially as it moves towards its highly anticipated IPO in the next 18 months.
PB Fintech is currently ruling the market, and InsuranceDekho can emerge as a key competitor in the Insurtech landscape of India. PB Fintech (PolicyBazaar) launched its IPO on 1 November 2021, the issue size was INR 6,017.5 crore. PolicyBazaar IPO got an overwhelming response from the investors, and the issue was subscribed 16.5X. However, the listing performance is not as impressive as the subscription due to the ongoing pandemic condition at that time. The stock delivered a 22.62% return on the listing day.
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