Beams Fintech Fund Leads USD 70 Million Funding Round in InsuranceDekho

InsuranceDekho, an insurtech company, 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 firm Eurazeo.

This funding is rounded two months ago. In October 2023, the Gurugram-based company raised $60 million in a Series B round, led by Mitsubishi UFJ Financial Group.

Founded in 2017 by Ankit Agrawal, InsuranceDekho allows customers to compare and purchase various insurance policies, including motor, health, travel, and pet insurance.

The company also offers a range of investment plans, including ULIPs, child plans, fixed deposits, and retirement plans. It partners with most major insurance providers and has direct integrations with nearly 50 companies. Furthermore, InsuranceDekho is in the process of merging with RenewBuy and is currently awaiting regulatory approvals.

“ 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,” Agrawal said in a press release.

To date, InsuranceDekho claims to have served over 10.2 million customers across India, with 21 new policies being issued every minute on its platform. The company has expanded its presence to cover 99% of the country’s pin codes, supported by a network of 220,000 partners offering more than 720 insurance products across categories such as Motor, Health, Life, and Corporate Business.

According to TheKredible, InsuranceDekho achieved a remarkable seven-fold increase in revenue, which rose to Rs 743.6 crore in FY24, up from Rs 96.5 crore in FY23. 

Additionally, the company recorded a profit of Rs 85.71 crore in the last fiscal year.

This marks Beams Fintech Fund's 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 company is set to go public in June 2025.