InsuranceDekho set to raise $50 million in fresh funding

InsuranceDekho, which raised $150 million in one of the largest Series A funding rounds in India earlier this year, is close to raising another round of institutional funding.

Girnar Insurance Brokers Pvt. Ltd, which runs InsuranceDekho and is part of the CarDekho Group, is set to secure $50 million (about Rs. 415 crore) in the new round, one of the persons said.

The deal may be sealed at a pre-money valuation of $450500 million, similar to its last outing in February this year, the person added.

Beams Fintech Fund, a growth capital vehicle floated by investment firm Venture Catalysts last year, is among the potential investors expected to lead the round, the second person said. He added that Beams Fintech may contribute $15 million to the fresh fundraise.

Started in 2019, InsuranceDekho earns about 82% of its premium from tier-II cities and beyond. It competes with the likes of Acko, Turtlemint and Policybazaar, and claims to cover 98% of pin codes and over 1,600 cities in India.

The company offers a range of commercial line insurance products such as engineering, marine, fire, health, and liability.