InsuranceDekho has raised $14.5 million, or Rs 122 crore, in a fresh funding round from BNP Paribas associate C Investments, Beams Fintech Fund and MUFG Bank.
While C Investments invested Rs 63.2 crore in the company, Beams Fintech Fund and MUFG pumped in Rs 9.5 crore and Rs 49.3 crore, respectively, Entrackr reported, citing InsuranceDekho’s filings with the Registrar of Companies.
This fund raise is reportedly a part of a larger round wherein, the company will raise around $100 million.
The company's cap table also includes LeapFrog Investments Group, and TVS Capital Funds, among others.
In 2023, the company had snapped up $60 million as a part of a series B round from Venture Catalysts, growth capital vehicle Beams Fintech Fund, Mitsubishi UFG Financial Group, and BNP Paribas Cardif and Yogesh Mahansaria Family Office.
Earlier in that year, New York-based Goldman Sachs Asset Management and home-grown mid-market private equity firm led a $150 million investment in InsuranceDekho, making it the largest series A funding round by any insurtech startup in India.
Investcorp, Avataar Ventures, and LeapFrog Investments also took part in the fundraise.
Incorporated in 2016, Girnar Insurance Brokers (GIBPL), which owns InsuranceDekho, was granted the licence to act as a direct insurance broker by the Insurance Regulatory Development Authority of India (IRDAI) in 2017. It enables its consumers to compare different insurance policies based on their requirements and helps them purchase the most suitable plan. Currently, the company has tie-ups with 49 insurance companies offering more than 670 plans on its platform.
The company is housed under Girnar Software, which is commonly referred to as CarDekho Group. The Jaipur-based company’s topline fell to Rs 2,300 crore in the financial year ended March 2024 from nearly Rs 2,332 crore a year ago. While the Girnar group remained in the red for the period under review, its net loss declined to Rs 186 crore from Rs 517 crore a year ago.
