Goldman Sachs, TVS lead $150m round for India's InsuranceDekho
Goldman Sachs and TVS Capital Funds have led a USD 150m Series A round for India’s InsuranceDekho, an online insurance policy comparison and brokerage service.
Goldman has taken a 14.7% stake for USD 18.5m while TVS has acquired 6.9% for about USD 8.7m. Investcorp, LeapFrog Investments, Alstroemeria Investments, and Avataar Ventures joined the round, which is being touted as the largest Series A in India to date.
“It's a validation of our dream to reach every nook and corner of the country and provide a secure life to Bharat,” the company said in a social media post, referring to the groundswell of business development targeting India’s lower-income and regional populations.
InsuranceDekho was established in 2016 as a unit of CarDekho, an automotive marketplace that has raised around USD 400m in its own right, including a USD 250m Series E in 2021 led by LeapFrog at a valuation of USD 1.2bn. CarDekho has targeted achieving profitability and filing for an IPO within the year.
InsuranceDekho’s offering covers term life, health, car, commercial vehicle, bike, pet, and travel insurance, as well as investment plans in areas such as retirement, annuities, and child savings. It claims to have served 4.5m customers to date.
There is a strong emphasis on personalisation, transparency, ease of use, and speed, with the company claiming policies can be selected and issued in as little time as five minutes with no paperwork. The service includes a support team for queries around purchasing and settlement.
Goldman is investing via its West Street Global unit, which closed its debut global growth fund on USD 5.2bn earlier this month. The strategy represents a continuation of the firm’s existing proprietary growth investing strategy – with an emphasis on companies with strong market positioning, high growth rates, and durable business models.
TVS Capital was established in 2007 by Gopal Srinivasan, an entrepreneur and a member of the founding family of Indian conglomerate TVS Group. It has about INR 20bn (USD 241m) under management across three funds, the most recent of which closed on INR 15.5bn in 2017.
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