MUFG makes follow-on investment in InsuranceDekho
InsuranceDekho raised USD 70m in its latest funding round, co-led by Beams Fintech Fund alongside Mitsubishi UFJ Financial Group (MUFG) and insurer BNP Paribas Cardif, which participated through its InsurTech fund managed by European investment firm Eurazeo.
This latest funding round comes about a year and a half after InsuranceDekho raised $60 million in its Series B round, which was led by Venture Catalysts’ growth capital vehicle Beams Fintech Fund, Mitsubishi UFG Financial Group, BNP Paribas Cardif, and the Yogesh Mahansaria Family Office in October 2023.
Founded in 2016, Girnar Insurance Brokers (GIBPL), the parent company of InsuranceDekho, was granted the license to act as a direct insurance broker by the Insurance Regulatory Development Authority of India (IRDAI) in 2017.
InsuranceDekho allows consumers to compare various insurance policies based on their needs and helps them purchase the most suitable plan. Currently, the company has partnerships with 49 insurance companies, offering over 720 insurance products across categories such as motor, health, life, and corporate business. To date, the platform has reached more than 10.2 million customers across India, with 21 new policies issued every minute.
Housed under the CarDekho Group, InsuranceDekho reported Rs 743.6 crore in revenue for the financial year ended 2024, as against Rs 96.5 crore in FY23. The company posted a net profit of Rs 85.7 crore, reversing a loss of Rs 51.6 crore from the previous year.
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