India's InsuranceDekho raises $60m
Indian online insurance policy comparison and brokerage service InsuranceDekho has raised USD 60m in a Series B round featuring Goldman Sachs.
TVS Capital Funds, Beams Fintech Fund, Mitsubishi UFG Financial Group, and the Yogesh Mahansaria family office also participated.
They were joined by Eurazeo, which invested via a fund set up with France’s BNP Paribas Cardif. Last year, Eurazeo established a USD 200m Southeast Asia fund dedicated to insurance technology backed by a single unspecified Europe-based insurance company.
“We are thrilled to make InsuranceDekho our first investment in India with the insurer BNP Paribas Cardif,” Matthieu Baret, a managing partner at Eurazeo, said in a statement. “After our investments in China, Indonesia and Singapore, we're extending our footprint with the ambition to become a leading player in Asia.”
It comes nine months after Goldman Sachs and TVS led a USD 150m Series A that also featured Investcorp, LeapFrog Investments, Alstroemeria Investments, and Avataar Ventures. That round valued the start-up at about USD 126m. Local media has reported valuations as high as USD 600m for the Series B.
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.
The company 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 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.
"The Indian insurance market is in the midst of a digital evolution and we feel InsuranceDekho is amongst the leading companies who are bringing insurance products to the wider market,” Albert Shyy, a managing director at Eurazeo, added.
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