Insurtech platform InsuranceDekho on Tuesday said it has raised $ 150 million in a Series A backing round led by Goldman Sachs Asset Management and TVS Capital finances. The investment, which is a blend of equity and debt, also saw equity participation from Investcorp, Avataar gambles, and LeapFrog Investments. The rearmost backing will be used to gauge up InsuranceDekho’s product and technology functions, expand to new requests, launch new innovative products in the health and life orders, grow the company’s Micro, Small & Medium Enterprise (MSME) insurance business, strengthen its leadership team and pursue inorganic growth openings, the incipiency says in a statement.
The fundraising comes at a time when startups have been reeling under a backing downtime that has forced numerous enterprises to cut costs and advertise layoffs. Innovated by Ankit Agrawal and Ish Babbar in 2016, InsuranceDekho aims to achieve an annualised decoration run- rate of ₹,500 crore by March 2023. West Street Global and TVS Capital invested INR 153.5 Cr and INR 72.35 Cr independently in the backing round. Meanwhile, Investcorp Private Equity, Avataar Ventures, Alstroemeria Investments, and other individual investors have inclusively invested INR 74.15 Cr in the round. The development comes nearly six months after InsuranceDekho sealed a backing deal worth $ 100 Mn.
Innovated by Ankit Agrawal, InsuranceDekho is an insurance aggregator that allows guests to compare insurance quotations of colourful insurance providers and consequently shortlist a policy that meets their requirements. Experts also said that the insurtech assiduity is hopeful of attracting renewed investor attention this time, fuelled by deeper digital penetration and growth estimates, as new- age and traditional insurers look to raise fresh capital.
Insurtech startups raised about $534.2 million in FY22, lower than $880.8 million in 2021, showed data from experimenter Traxcn. To be sure, the sector has seen a further than 50 jump in investments over the last five times from$ 354 million in 2018.