India’s booming insurtech sector just got another shot of capital. InsuranceDekho, a Gurugram-based insurance marketplace, has secured a fresh $70 million 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.
A Second Major Investment in Less Than a Year
InsuranceDekho’s latest funding round follows a $60 million Series B round in October 2023, also led by MUFG. The new capital injection underlines investors’ growing confidence in India’s digital insurance market, where adoption is accelerating at an unprecedented pace.
Founded in 2017 by Ankit Agrawal, InsuranceDekho allows customers to compare and purchase insurance policies spanning motor, health, travel, and pet insurance. It also provides investment plans such as ULIP, child plans, fixed deposits, and retirement schemes. The company has built direct partnerships with nearly 50 insurance providers and is currently awaiting regulatory approvals for its merger with RenewBuy.
Scaling Reach and Expansion Plans
InsuranceDekho has grown aggressively, serving over 10.2 million customers nationwide. The company’s network spans 99% of India’s pin codes, with a vast network of 220,000 partners offering more than 720 insurance products.
- 21 new policies issued every minute on its platform
- Presence in almost every Indian postal code
- Expanding digital transformation initiatives
In a statement, Agrawal emphasized how the fresh capital will be used to expand operations, enhance tech-driven offerings, and cement the platform’s position as India’s leading insurance marketplace.
Revenue and Profit Surge in FY24
Financials reveal a sharp rise in InsuranceDekho’s growth trajectory. According to TheKredible, the company’s revenue saw a sevenfold jump, surging from Rs 96.5 crore in FY23 to Rs 743.6 crore in FY24. Even more notably, it posted a profit of Rs 85.71 crore in the last fiscal year, a stark contrast to the losses many startups in the sector continue to face.
| Fiscal Year | Revenue (Rs crore) | Profit (Rs crore) |
|---|---|---|
| FY23 | 96.5 | Not disclosed |
| FY24 | 743.6 | 85.71 |
Beams Fintech Fund’s Growing Interest in Insurance and Finance
This marks Beams Fintech Fund’s second major investment of 2025. Earlier this year, the firm invested Rs 200 crore in a pre-IPO deal with one of India’s largest unlisted non-banking financial companies (NBFCs) focused on used commercial vehicle financing. That NBFC is expected to go public in June 2025.
The fund’s back-to-back investments indicate a strategic push toward fintech and insurtech, two sectors that have witnessed strong investor appetite amid India’s expanding digital economy. With InsuranceDekho’s latest cash infusion and merger plans, the company is poised to play a bigger role in shaping the country’s insurance landscape.
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