Indian insurtech platform InsuranceDekho has raised $150m in a Sequence A funding spherical led by Goldman Sachs Asset Administration and TVS Capital Funds.
Investcorp, Avataar Ventures and LeapFrog Investments additionally participated within the spherical, InsuranceDekho revealed in a LinkedIn submit.
The Monetary Categorical reported that the funds, which encompass fairness and debt, can be used to broaden the corporate’s product portfolio, and construct its know-how capabilities.
The capital infusion can even be utilized by InsuranceDekho to broaden into new markets, introduce merchandise within the well being and life insurance coverage classes and broaden its micro, small, and medium enterprise insurance coverage enterprise
Moreover, InsuranceDekho, which is a unit of the used-car platform CarDekho, will discover inorganic development alternatives and bolster its government workforce.
InsuranceDekho CEO and co-founder Ankit Agrawal stated: “We have to transcend the city areas relating to insurance coverage penetration within the nation. To understand our aim of democratising insurance coverage for most of the people, we’re increasing our attain and can proceed to construct on our tech-based options and empowered advisors.”
By March 2023, the corporate hopes to achieve an annualised premium run fee of INR35bn ($423m).
Goldman Sachs Asset Administration managing director Rajat Sood stated: “InsuranceDekho has demonstrated a confirmed capacity to convey new-to-insurance channel companions to their platform whereas empowering them by means of technology-based options and dealing intently with insurers. We stay up for leveraging our world area experience and supporting the administration workforce in its enlargement to supply broader protection and extra options nationwide.”
