InsuranceDekho raises Rs 300 Cr in funding led by Goldman Sachs
- ByStartupStory | January 6, 2023
InsuranceDekho, a division of CarDekho, has raised Rs 300 crore ($36.5 million), led by West Street Global (an investment arm of Goldman Sachs Group). The company, which has its headquarters in Gurugram, has just completed its first round of outside funding.
According to a regulatory filing made with the Registrar of Companies (RoC), the board of InsuranceDekho has approved a special resolution to issue 1,49,16,506 equity shares at a price of Rs 201.12 each in order to raise Rs 300 crores, or $36.5 million.
West Street Global took the lead in the round with Rs 153.5 crore, and the TVS Capital Fund contributed Rs 72.35 crore.
With a combined investment of Rs 74.15 crore, Investcorp Private Equity, Avataar Ventures, Alstroemeria Investments, as well as private investors Vineet Dhingra, N Laxmi Narayan, Shridham Sons, and others, participated.
Following the fresh proceeds, TVS Capital, Avaatrar Ventures, and Investcorp each control 6.95%, 2.69%, and 1.44% of InsuranceDekho, respectively, while West Street Global now owns 14.71% of the company.
The company is worth approximately Rs 1,100 crore ($135 million) (post-allotment). In this round, the company might raise more money. At a $450–500 million value, it was allegedly in discussions to secure $150 million in Series A funding.
In order to make it simpler for customers to compare and purchase vehicle and health insurance, the automobile aggregator CarDekho established InsuranceDekho in 2019. The platform, headed by Ankit Agrawal, has since branched out into various types of insurance, including life, term, and retirement policies.
The sole source of income for Insurance Dekho is insurance brokerage and commission, which increased by 61% to Rs 47.91 crore in FY22 from Rs 29.71 crore in FY22. In the most recent fiscal year, the company’s losses increased by 55.6% to Rs 72.29 crore. At the group level, CarDekho reported revenue of Rs 1,597 crore in FY22. The revenue as a whole was just 3% attributed to InsuranceDekho.
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