InsuranceDekho, a marketplace for insurance, secured $60 million in its current Series B funding round from Mitsubishi UFJ Financial Group and BNP Paribas Cardif, two of Japan’s largest financial services companies.
Yogesh Mahansaria’s family office, the managing director of Mahansaria Tyres also took part in the round. The funding came from earlier investors TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures in addition to the new investors.
“We will use the fresh funds for some inorganic growth opportunities. We are scouting some acquisition targets which we hope to close soon, There are conversations happening around enhancing our technology and distribution capabilities but those conversations are private as of now,” Ankit Agrawal, chief executive officer, of InsuranceDekho said.
After the round, the company’s valuation increased by 50% overall. According to sources, the company was valued at $700 million to $750 million during the round.
InsuranceDekho is a marketplace for insurance products that can be accessed online but also has a significant presence in the real world.
CarDekho, an online marketplace for pre-owned and new four-wheel vehicles, introduced InsuranceDekho in 2017. However, the business left its incubator and now runs on its own.
InsuranceDekho is an insurance company that gives its customers the ability to compare various insurance plans in accordance with their needs and presents them with the best options available. InsuranceDekho was started in 2016 and is headquartered in Gurugram, Haryana.