The sole source of income for Insurance Dekho is insurance brokerage and commission, which increased by 61% to Rs 47.91 crore in FY22 from Rs 29.71 crore in FY22.
In the most recent fiscal year, the company’s losses increased by 55.6% to Rs 72.29 crore. At the group level, CarDekho reported revenue of Rs 1,597 crore in FY22. The revenue as a whole was just 3% attributed to InsuranceDekho
New Delhi;
InsuranceDekho, an omnichannel insurance platform set up by CarDekho and a subsidiary of GirnarSoft, established in 2019, has raised Rs 300 crore ($36.5 million), led by West Street Global,an investment arm of Goldman Sachs Group).
According to a regulatory filing made with the Registrar of Companies (RoC), the board of InsuranceDekho has approved a special resolution to issue 1,49,16,506 equity shares at a price of Rs 201.12 each in order to raise Rs 300 crores.
The company, which has its headquarters in Gurugram, has just completed its first round of outside funding and post the new round of funding, it is worth approximately Rs 1,100 crore ($135 million).
West Sreet Global, which owns 14.71 percent of InsuranceDekho, led the round with Rs 153.5 crore. The TVS Capital Fund contributed Rs 72.35 crore for a 6.95 percent stake.
Other investors, including Investcorp Private Equity, Avataar Ventures, Alstroemeria Investments, and individuals such as Vineet Dhingra, N Laxmi Narayan, Shridham Sons, and others, contributed Rs 74.15 crore in total.
Following the fresh proceeds, TVS Capital, Avaatrar Ventures, and Investcorp each control 6.95%, 2.69%, and 1.44% of InsuranceDekho, respectively.
The sole source of income for Insurance Dekho is insurance brokerage and commission, which increased by 61% to Rs 47.91 crore in FY22 from Rs 29.71 crore in FY22.
In the most recent fiscal year, the company’s losses increased by 55.6% to Rs 72.29 crore. At the group level, CarDekho reported revenue of Rs 1,597 crore in FY22. The revenue as a whole was just 3% attributed to InsuranceDekho.
CarDekho launched its insurance platform to assist customers in purchasing auto and health insurance. It has since grown to include life, term, and retirement plans, as well as other types of insurance.
The insurtech startup had received $20 million in funding from its parent company GirnarSoft in 2020 year, which it stated it would use for branding and strengthening its tech, product, and sales teams.