InsuranceDekho swings to profit with Rs 86 crore in FY24
14 Nov 2024, 09:51 PMInsuranceDekho's revenue from operations surged to Rs 743.6 crore for the fiscal year, ending March 2024 from Rs 96.5 crore reported in the previous fiscal.
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InsuranceDekho's revenue from operations surged to Rs 743.6 crore for the fiscal year, ending March 2024 from Rs 96.5 crore reported in the previous fiscal.
The company reported a profit of Rs 85.7 crore in FY24, compared to a loss of Rs 51.59 crore in FY23, Entrackr reported.
InsuranceDekho is an insurance aggregator, which also offers several investment plans including ULIP, child, fixed deposit, retirement plans among others.
Insurance brokerage generated Rs 726.61 crore income, while ancillary services brought in Rs 17 crore.
The company's total expenses increased by 4.6X to Rs 699.21 crore in FY24. The point of sales costs formed 43% of the total expense reaching Rs 301 crore in FY24, from mere Rs 8.3 crore in FY23. Employee benefit expenses stood at Rs 130.26 crore in FY24 compared to Rs 107.05 crore in FY23.
InsuranceDekho is reportedly in a merger talks with RenewBuy. According to a Mint report, the combined valuation of the merger is projected to exceed Rs 8,000 crore (approximately $950 million), with RenewBuy valued at around Rs 3,000 crore and InsuranceDekho at over Rs 5,000 crore.
If completed, this merger would make the new entity the second-largest insurance aggregator in India.
Additionally, this merger could facilitate CarDekho's IPO plans, as the company is aiming for a public listing in the upcoming fiscal year. Currently, Amit Jain, co-founder and CEO of CarDekho, holds over 70% of InsuranceDekho and plans to reduce his stake by more than 20% before submitting the Draft Red Herring Prospectus (DRHP).
This announcement follows InsuranceDekho’s recent acquisition of a composite insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI).
In terms of funding, InsuranceDekho raised $60 million in a Series B round led by Mitsubishi UFJ Financial Group in October last year. RenewBuy raised $40 million in its ongoing Series D funding round in July of last year.
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