InsuranceDekho raises $70 million round co-led by Beams Fintech, MUFG

04 Mar 2025, 11:37 AM

This capital will enable InsuranceDekho to expand reach, enhance tech-driven offerings, and solidify position, the company's founder Ankit Agrawal said.

Team Head&Tale

Beams Fintech Fund has announced a follow-on investment in its portfolio company, InsuranceDekho, as part of a $70 million funding round. The round was co-led by Beams Fintech Fund, Japan’s Mitsubishi UFJ Financial Group (MUFG) and insurer BNP Paribas Cardif through its insurtech fund managed by European investment major Eurazeo. 

Founded in 2017 by Ankit Agrawal, InsuranceDekho is an insurtech platform offers over 700 insurance products across categories such as motor, health, life, and corporate business. It operates through 2.2 lakh partners across the country.  The platform partners with about 49 insurance companies. InsuranceDekho claims to have served over 10.2 million customers, with 21 new policies issued every minute on its platform.

“We are delighted to have Beams Fintech Fund, Eurazeo, and MUFG double down on their support. This capital will enable us to expand our reach, enhance our tech-driven offerings, and solidify our position as India’s go-to insurance platform," InsuranceDekho founder Ankit Agrawal said. 

Sagar Agarvwal, founder and partner at Beams Fintech Fund, added, “We have strong conviction in Ankit and the entire InsuranceDekho management team. Their expertise, speed and execution capabilities continue to propel the company forward. This follow-on investment reaffirms our belief in their potential to scale further and redefine the insurance distribution landscape in India.”

In terms of funding, InsuranceDekho raised $60 million in a Series B round led by Mitsubishi UFJ Financial Group in October 2023. 

InsuranceDekho is reportedly in a merger talks with RenewBuy. 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). 

In FY24, InsuranceDekho's revenue from operations surged to Rs 743.6 crore 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.
 
This marks second investment for Beams Fintech Fund in 2025, following a Rs 200 crore investment in a pre-IPO opportunity in an NBFC company in India specializing in used commercial vehicle finance across India.

The fintech-focussed fund said it is also in advanced stages of finalizing its third investment for the year in a  MSME micro-LAP player, further expanding its footprint in India’s high-growth financial services landscape.