Gurugram-based insurtech company InsuranceDekho has raised $70 million in a funding round 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.
This funding follows a $60 million Series B round secured in October 2023, also led by Mitsubishi UFJ Financial Group. The latest infusion will further strengthen InsuranceDekho’s expansion efforts, technology advancements, and market positioning as a leading digital insurance platform in India.
Founded in 2017 by Ankit Agrawal, InsuranceDekho enables customers to compare and purchase a variety of insurance policies, including motor, health, travel, and pet insurance. The company also offers investment plans such as Unit-Linked Insurance Plans (ULIPs), child plans, fixed deposits, and retirement schemes. With direct integration with nearly 50 insurance companies, InsuranceDekho ensures seamless access to diverse insurance products.
Additionally, the company is in the process of merging with RenewBuy and is currently awaiting regulatory approvals. This strategic move is expected to further consolidate its market presence and enhance its service offerings.
“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. With our continued focus on digital transformation and customer-centric solutions, we are well-positioned to drive the next wave of insurance adoption in India,” said Ankit Agrawal, Founder and CEO of InsuranceDekho, in a press release.
InsuranceDekho claims to have served over 10.2 million customers nationwide, issuing 21 new policies every minute on its platform. The company has established a presence across 99% of India’s pin codes, supported by a network of 220,000 partners and offering more than 720 insurance products across various segments, including Motor, Health, Life, and Corporate Business.
For Beams Fintech Fund, this marks its second investment in 2025, following a Rs 200 crore investment in a pre-IPO opportunity with one of India’s largest unlisted NBFCs specializing in used commercial vehicle finance. The NBFC is expected to go public in June 2025.
With its latest funding and upcoming merger, InsuranceDekho is poised to accelerate its growth trajectory and redefine the digital insurance landscape in India.
