India’s InsuranceDekho Raises $60 Million in Funding

India’s InsuranceDekho, a startup incubated within the automobile marketplace group CarDekho, has secured $60 million in funding in its latest funding round. The funding will fuel the company’s growth and expansion plans. The investors in this round include Mitsubishi UFJ Financial Group, BNP Paribas Cardif, Beams Fintech Fund, and Yogesh Mahansaria Family Office. This Series B funding round values InsuranceDekho at approximately $600 million. This is the second funding round for InsuranceDekho, with previous backing from Goldman Sachs and TVS Capital.

Funding Details

The recent funding round has enabled InsuranceDekho to raise $60 million. This funding will be crucial in supporting the company’s growth strategies and expansion plans. With this investment, InsuranceDekho aims to further enhance its services and reach new customers in the insurance market.


The Series B funding round for InsuranceDekho was supported by prominent investors in the financial and insurance sectors. Mitsubishi UFJ Financial Group, BNP Paribas Cardif, Beams Fintech Fund, and Yogesh Mahansaria Family Office have contributed to the funding round, demonstrating their confidence in InsuranceDekho’s potential and growth prospects.


Following the latest funding round, InsuranceDekho’s valuation stands at around $600 million. This valuation reflects the investor’s confidence in the company’s business model and growth potential. Compared to similar startups in the insurance sector, InsuranceDekho’s valuation positions it as a prominent player in the market.

Previous Funding

Prior to this funding round, InsuranceDekho had received backing from Goldman Sachs and TVS Capital. These previous investments have provided the necessary support for the company’s initial growth and development. The participation of well-known investors in multiple funding rounds is a testament to InsuranceDekho’s strong performance and potential for success.

InsuranceDekho’s Services

InsuranceDekho collaborates with various insurance providers in India, offering a wide range of insurance products to its customers. Through its direct integration with nearly four dozen firms, InsuranceDekho provides over 400 insurance products to meet the diverse needs of its customers. Currently, the most popular insurance product offered by InsuranceDekho is automobile insurance. However, the company plans to expand its offerings to include health and life insurance, as well as cater to small and medium-sized enterprises.

Insurance Market in India

Insurance penetration in India remains relatively low, accounting for less than 5% of the country’s GDP. In contrast, the insurance penetration rate in the United States is 12%. The average annual income of an Indian is approximately $2,100, according to the World Bank. However, Indians who have purchased insurance products spend less than $100 on average. This indicates a significant untapped market with potential for growth in the insurance sector in India.

Expansion Plans

InsuranceDekho has established a presence in nearly all zip codes in India, positioning it well to expand its reach as the market matures. Currently, the company sells more than 80% of its coverage in smaller Indian cities, indicating a strong demand for insurance in these areas. As part of its expansion plans, InsuranceDekho aims to increase its market share by exploring new business lines and widening its coverage in both urban and rural areas.

Market Presence

InsuranceDekho’s strategic focus on serving small and medium-sized enterprises (SMEs) has contributed to its strong market presence. By catering to this segment, InsuranceDekho aims to provide comprehensive insurance solutions to SMEs and support their growth and development. This targeted approach sets InsuranceDekho apart in the market and positions it as a trusted insurance provider for SMEs.

Profitability and Revenue

InsuranceDekho’s core business is profitable, indicating the company’s ability to generate sustainable revenue. With its tech-driven distribution model, InsuranceDekho efficiently reaches its target customers and maximizes its revenue potential. The company is on track to sell $432 million worth of premiums in the current financial year, further solidifying its profitability and revenue growth.

Gig-Economy Workers in InsuranceDekho

InsuranceDekho relies on more than 150,000 gig-economy workers, also known as “agents,” to educate the market and sell insurance coverages. These agents play a crucial role in raising awareness about the benefits of insurance and answering customer inquiries. By leveraging the gig economy, InsuranceDekho ensures a wide reach and accessibility of its services, contributing to its success in the market.

Competition in the Insurance Market

The insurance industry in India is highly competitive, with numerous players vying for market share. Notable competitors include Digit, PolicyBazaar, Acko, as well as established players like Paytm and PhonePe. The entrance of fintech giants into the insurance sector highlights the market’s potential and attractiveness. Despite the competition, InsuranceDekho’s strong market presence, diverse product offerings, and strategic partnerships position it well to maintain a competitive edge.

Fintech Giants in the Insurance Sector

The involvement of fintech giants in the insurance sector underscores the significant market size and opportunity. These fintech companies recognize the untapped potential in the insurance market and are actively investing in it. InsuranceDekho’s entry into the insurtech sector reflects a strategic commitment to increasing insurance accessibility in India. The company’s tech-driven last-mile distribution model aligns with its vision of advancing insurance outreach in the country.

Strategic Commitment to Increasing Insurance Accessibility

Shashank Joshi, Deputy CEO of MUFG Bank in India, expressed the strategic commitment of InsuranceDekho to increase insurance accessibility in India. The company’s distribution model focuses on leveraging technology to enhance outreach and deliver insurance solutions to a wider customer base. By embracing innovation and technology, InsuranceDekho aims to bridge the insurance gap and make insurance more accessible to all segments of the Indian population.