Beams Fintech Fund, a homegrown private equity firm focused on investments in growth-stage companies, led a $70-million (about Rs 611 crore) funding round in its portfolio company, InsuranceDekho.
Existing investors Mitsubishi UFJ Financial Group (MUFG) of Japan and BNP Paribas Cardif, through its insurtech fund managed by European investment major Eurazeo, also participated in the round, further increasing their investments.
“This capital will enable us to expand our reach, enhance our tech-driven offerings, and solidify our position as India’s go-to insurance platform,” said Ankit Agrawal, founder and CEO of InsuranceDekho. “With our continued focus on digital transformation and customer-centric solutions, we are well-positioned to drive the next wave of insurance adoption in India.”
This latest funding round comes about a year and a half after InsuranceDekho raised $60 million in its Series B round, which was led by Venture Catalysts’ growth capital vehicle Beams Fintech Fund, Mitsubishi UFG Financial Group, BNP Paribas Cardif, and the Yogesh Mahansaria Family Office in October 2023.
Earlier that same year, New York-based Goldman Sachs Asset Management and a home-grown mid-market PE firm had led a $150-million investment in InsuranceDekho, making it the largest series A funding round for any insurtech startup in India.
“The growth, robust distribution network, and relentless focus on technology-driven accessibility make them a clear industry force. We have strong conviction in Ankit (Agrawal) and the entire InsuranceDekho management team,” said Sagar Agarvwal, founder and partner at Beams Fintech Fund, which closed its maiden vehicle in January,
Founded in 2016, Girnar Insurance Brokers (GIBPL), the parent company of InsuranceDekho, was granted the license to act as a direct insurance broker by the Insurance Regulatory Development Authority of India (IRDAI) in 2017.
InsuranceDekho allows consumers to compare various insurance policies based on their needs and helps them purchase the most suitable plan. Currently, the company has partnerships with 49 insurance companies, offering over 720 insurance products across categories such as motor, health, life, and corporate business.
Housed under the CarDekho Group, InsuranceDekho reported Rs 743.6 crore in revenue for the financial year ended 2024, as against Rs 96.5 crore in FY23. The company posted a net profit of Rs 85.7 crore, reversing a loss of Rs 51.6 crore from the previous year.
