InsuranceDekho raises $100 million in its latest round of funding
- ByStartupStory | July 8, 2022
InsuranceDekho, an insurtech startup, has closed a new $100 million funding round. The IT solutions and services company GirnarSoft, which also owns CarDekho, an automobile aggregator that achieved unicorn status last year after raising a pre-IPO round, is home to the Gurugram-based insurance aggregator.
The insurance platform was introduced by CarDekho in 2019 to make it simpler for customers to purchase health and auto insurance. It initially partnered with more than 20 providers of health and auto insurance, and it has since added life, term, and retirement plans to its list of insurance products.
To sell insurance, the startup has teamed up with proprietors of kirana shops, vegetable vendors, and housewives. InsuranceDekho, a largely digital platform that enables users to compare insurance plans and invest in the ones that best suit them, recently introduced a feet-on-the-street programme called “InsuranceDekho Saathi” to make purchasing insurance easier for those who lack internet access or feel uneasy conducting business online.
Its entry into offline insurance was supported by a survey it performed that revealed that offline agents remained the preferred and dominant route to acquire insurance despite the country’s high level of internet penetration. Along with other companies, InsuranceDekho is in competition with PolicyBazaar, which went public last year, Bank Bazaar, ACKO Insurance, and Coverfox Insurance.
Ankit Agrawal, CEO and Founder of InsuranceDekho, stated in an interview with YourStory last year that the firm has grown to more than 1,000 Indian cities from its initial 17 locations. The parent company of the insuretech business, GirnarSoft, gave it $20 million in funds in 2020, which it stated it will use for branding and to bolster its technical, product, and sales teams.
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