InsuranceDekho Revenue, Valuation, Funding & Investors

InsuranceDekho is valued at $775M as of January 2025, a 5.6x multiple on its last reported $138M revenue.

Last InsuranceDekho valuation

$775M

Series A · Jan 2025

Last InsuranceDekho funding round

$70M

Undisclosed stage · Mar 2025

InsuranceDekho revenue

$138M

Series A · Jan 2025

Key investors in InsuranceDekho

  • Beams FinTech Fund
  • Goldman Sachs
  • MUFG Bank
  • TVS Capital Funds
  • Avataar Venture Partners
  • BNP Paribas Cardif

InsuranceDekho Overview

About InsuranceDekho

InsuranceDekho is an insurtech platform enabling online comparison and purchase of health, life, car, travel, and two-wheeler insurance in India. Launched in 2017 and headquartered in Gurgaon, the company aggregates quotes from over 40 insurers including HDFC Ergo and ICICI Lombard, processing millions of policies annually.


Founded

2016

HQ

IndiaHaryana

Status

Privately held

Customer focus

B2C

Revenue model

Commission

Revenue

$138M (Jan 2025)

Valuation

$775M (Jan 2025)

InsuranceDekho Valuation

InsuranceDekho is currently valued at $775M, based on its Series A in January 2025.

The $15M round was led by C. Development, with participation from MUFG Bank and Beams FinTech Fund.

InsuranceDekho's valuation has grown 1.5x from $515M at its Series A in January 2023 to $775M in January 2025, across 3 priced rounds.

InsuranceDekho valuation by funding round

Revenue multiple
InsuranceDekho valuation by funding round
DateStageValuationRevenue Multiple
Jan 2025Series A$775M5.6x
Oct 2023Series B$600M7.5x
Jan 2023Series A$515M103.0x

InsuranceDekho Revenue

InsuranceDekho's latest recorded revenue is $138M, as of its Series A in January 2025. At a $775M valuation, that implies a 5.6x revenue multiple.

Revenue grew from $5M in January 2023 to $138M in January 2025, while the revenue multiple moved from 103.0x to 5.6x.

InsuranceDekho revenue by funding round

InsuranceDekho revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jan 2025$138M$775M5.6xSeries A
Oct 2023$80M$600M7.5xSeries B
Jan 2023$5M$515M103.0xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

InsuranceDekho Funding History

InsuranceDekho has raised a total of $315M across 5 funding rounds.

InsuranceDekho's first fundraising round was a $20M strategic investment round in September 2020. The most recent completed round was a $70M undisclosed-stage round in March 2025.

InsuranceDekho funding rounds

InsuranceDekho funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2025Undisclosed stageBeams FinTech Fund (lead); BNP Paribas Cardif (lead); MUFG Bank (lead)$70M-InsuranceDekho, a Gurugram-based insurtech platform founded in 2017 by Ankit Agrawal and part of the CarDekho Group, operates as an online insurance marketplace offering over 720 products including motor, health, life, and corporate insurance from 49 providers. It leverages AI-driven technology for policy buying, management, and claims, serving 10.2 million customers across 99% of India's pin codes with 220,000 distribution partners and issuing 21 new policies per minute. The company raised $70 million in a funding round around March-April 2025 co-led by existing investors Beams Fintech Fund, BNP Paribas Cardif (via Eurazeo-managed insurtech fund), and MUFG Bank, with the round ongoing and potential to extend to $85 million as existing investors doubled down and new interest emerged. Funds will support expansion of footprint, tech stack enhancements, AI-driven solutions, and strengthening market position amid competition with Policybazaar (PB Fintech) and Turtlemint. This follows a $60 million Series B in October 2023 from the same investors at $700-750 million valuation and $150 million equity-debt mix in January 2023 from Goldman Sachs Asset Management and TVS Capital. Filings show issuance of 4.33 million shares at Rs 10 face value plus Rs 270.98 premium, with MUFG committing Rs 49.3 crore, C. Development (BNP Paribas entity) Rs 63.22 crore, and Beams Rs 9.4 crore for Rs 121.94 crore total in a private placement led by these investors. Financially, InsuranceDekho achieved profitability in FY24 with Rs 86 crore PAT versus Rs 51 crore loss in FY23, driven by standalone operating revenues surging 7.7x to Rs 743 crore from Rs 96.5 crore. Parent CarDekho Group reported Rs 2,074 crore net revenue in FY24, up 54% from Rs 1,347 crore in FY23, fueled by InsuranceDekho and fintech arm Rupyy. The company eyes public listing in 15-18 months and plans merger with competitor RenewBuy in a cash-and-stock deal to form India's second-largest insurance aggregator.
Jan 2025Series AC. Development (lead); MUFG Bank; Beams FinTech Fund$15M$775MInsuranceDekho is an insurtech platform enabling customers to compare and purchase motor, health, travel, pet insurance, and investment plans like ULIPs and fixed deposits, with direct integration to nearly 50 providers. The company operates a network of 150,000 agents across over 1,500 cities, covering 98% of India’s pin codes, and has served more than 9 million customers. Girnar Insurance Brokers, its parent under CarDekho Group, recorded Rs 3,000 crore in insurance premium in FY24. In January 2025, InsuranceDekho raised approximately $14.5 million (Rs 122 crore) in a fresh funding round from C. Development (Rs 63.2 crore), MUFG Bank (Rs 49.3 crore), and Beams Fintech Fund (Rs 9.5 crore), via private placement of 4.33 million shares at Rs 10 face value and Rs 270.98 premium. This forms part of a larger targeted round of up to $100 million to support technology upgrades, marketing, reinsurance, and IPO preparations. The investment implies a post-money valuation of $750 million to $800 million. Previous rounds include a $60 million Series B in October 2023 valued at around $700-750 million, and a $150 million Series A in January 2023 at $600 million valuation. InsuranceDekho competes with Policybazaar and Turtlemint, focusing on digital expansion into Tier-II and rural areas.
Oct 2023Series BBeams FinTech Fund (lead); Eurazeo (lead); MUFG (lead); Mahansaria Family Office; Goldman Sachs; BNP Paribas Cardif; TVS Capital Funds; Avataar Venture Partners$60M$600MInsuranceDekho, a Gurugram-based insurtech platform and subsidiary of CarDekho Group, operates an insurance marketplace that allows consumers to compare and purchase motor, health, life, travel, and other insurance products from nearly 50 insurers via its agent network targeting tier 2 and 3 cities in India. The platform offers over 400-500 insurance plans and focuses on democratizing access to insurance for underserved households and businesses through tech-enabled distribution. It has built a network of agents similar to traditional models like LIC and employs around 1,900 people. In October 2023, InsuranceDekho raised $60 million in its ongoing Series B round—a mix of equity and debt—led by Beams Fintech Fund, Eurazeo (via its BNP Paribas Cardif-backed insurtech fund), and MUFG, with participation from new investor Mahansaria Family Office and existing backers TVS Capital Funds, Goldman Sachs Asset Management, and Avataar Venture Partners. Sources pegged the post-money valuation at $700-750 million, over $600 million, or $650-700 million, with the company not officially disclosing it. This followed a $150 million raise earlier in 2023 (labeled Series A), bringing total 2023 funding over $200 million amid a funding winter. Proceeds will fuel marketing, distribution expansion into India's hinterlands, tech platform scaling, inorganic growth via acquisitions (already completed Verak and IRSS), and new ventures like reinsurance. The company aims to double insurance premium count by fiscal end and is on track for Rs 3,600 crore ($432 million) in premiums for FY2024, targeting 200,000 agent partners by March 2024. CEO Ankit Agarwal emphasized accelerating accessibility and innovation in India's insurtech sector.
Jan 2023Series AGoldman Sachs (lead); TVS Capital Funds (lead); Investcorp Capital; N Laxmi Narayan; Vineet Dhingra; LeapFrog Investments; Alstroemeria Investments; Avataar Venture Partners$150M$515MInsuranceDekho, the insurance arm of used-car platform CarDekho launched in 2019, raised $150 million in its Series A round in early 2023, the largest such round for an Indian insurtech, led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Venture Partners, LeapFrog Investments, and others including N Laxmi Narayan and Vineet Dhingra. The funding comprised about $110 million in equity and $40 million in debt, aimed at expanding tech capabilities in data analytics, AI, last-mile servicing, claims management, and reaching rural areas beyond urban and Tier-II cities where it derives 82% of premiums. The company operates a tech-enabled agent network integrated with 46 insurers, offering over 380 products including 175 in health and life, present in 1,300 towns, competing with Acko, Turtlemint, and PolicyBazaar. Financially, InsuranceDekho reported operating revenue of Rs 47.9 crore in FY22 (ended March 2022), up from Rs 29.7 crore in FY21, though net losses widened to Rs 72.3 crore. It targeted annualized premium run-rate of Rs 3,500 crore by March 2023 and later claimed Rs 3,600 crore premiums for FY24. Post-round, InsuranceDekho pursued growth with a Series B of $60-70 million in October 2023 from MUFG, BNP Paribas Cardif, and Beamsintech, reaching over $210 million total capital, enabling acquisitions like IRSS for offline agents and Verak for SME insurance. In FY23, it doubled operating income to Rs 96.5 crore and cut losses 29% to Rs 52 crore, targeting profitability in FY24 while aiming for 200,000 agent partners and IPO in 15-18 months from late 2023. A later 2026 restructuring valued it at Rs 5,400 crore alongside RenewBuy and Artivatic under CarDekho group.
Sep 2020Strategic investmentGirnarSoft (lead)$20M-InsuranceDekho is an omnichannel insurance platform established in 2017 that enables customers to compare different insurance policies online and offline. The company operates as a direct broker under India's Insurance Regulatory and Development Authority, with partnerships across 26 general insurance companies and a network spanning 450 cities. The platform serves as a three-way marketplace connecting insurance consumers, insurance companies, and distribution partners through a consultative approach that prioritizes matching customer lifestyles to appropriate policies rather than selling the lowest-premium options. In September 2020, GirnarSoft, the parent company of automotive portals CarDekho.com, Gaadi.com, and Zigwheels.com, announced a $20 million investment in its subsidiary InsuranceDekho. The funding was designated for branding, strengthening technology and product teams, expanding the B2C platform, and building transaction businesses. InsuranceDekho had revenue of INR 600 crore in FY20 and projected revenue of INR 1,000 crore for FY21. The company was at an annualized run rate of 20 lakh policies at the time of the investment and aimed to reach 36 lakh policies by March 2021. A key growth initiative announced with this round was the onboarding of 100,000 point-of-sales persons (PoSPs) to distribute insurance policies, with 20,000 already enrolled. InsuranceDekho was also expanding its product offerings, having applied for a life insurance broking license to complement its existing health and motor insurance segments. According to GirnarSoft CEO Amit Jain, the investment represented confidence in InsuranceDekho's ability to build India's leading independent insuretech business, having inherited the capital efficiency and technical prowess of its parent company while establishing itself as an autonomous venture.

Who has invested in InsuranceDekho?

16 investors have backed InsuranceDekho across its funding rounds, including Beams FinTech Fund, Goldman Sachs, MUFG Bank, TVS Capital Funds, Avataar Venture Partners and BNP Paribas Cardif.

Lead investors include Beams FinTech Fund, BNP Paribas Cardif, MUFG Bank, C. Development, Eurazeo and 4 other investors.


InsuranceDekho Investors

Investors in InsuranceDekho by funding rounds participated
InvestorHQRoundsRoleFirst check
Beams FinTech FundIndiaMumbai3LeadOct 2023
Goldman SachsUnited StatesNew York City, NY2LeadJan 2023
BNP Paribas CardifFranceParis2LeadOct 2023
TVS Capital FundsIndiaChennai2LeadJan 2023
MUFG BankJapanTokyo2LeadJan 2025
Avataar Venture PartnersIndiaBangalore2ParticipantJan 2023
MUFGJapanTokyo1LeadOct 2023
Investcorp CapitalUAEManama1ParticipantJan 2023
N Laxmi Narayan--1ParticipantJan 2023
C. Development--1LeadJan 2025
Vineet DhingraIndiaIndia1ParticipantJan 2023
LeapFrog InvestmentsSouth AfricaJohannesburg1ParticipantJan 2023
Mahansaria Family OfficeIndiaMumbai1ParticipantOct 2023

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Acquisitions by InsuranceDekho

InsuranceDekho has acquired 2 companies to date.

Last acquisition by InsuranceDekho was on September 1st 2026. InsuranceDekho acquired RenewBuy for $78M.


Latest Acquisitions by InsuranceDekho

RenewBuy
Verak
Description
RenewBuy is a Gurgaon-based online insurance aggregator operating in India. It distributes life, health, motor, and general policies from insurers like ICICI Lombard and HDFC Ergo through a network of POSP advisors. The platform uses AI-driven assessments to match policies with customer profiles, processing claims via digital verification for urban and rural markets.
Verak is a Mumbai-based digital platform offering business insurance for MSMEs and SMEs in India through Insure First Insurance Brokers. Business owners generate customized commercial quotes in minutes, receive expert policy guidance, and access one-click support for claims and endorsements. The company streamlines coverage for property, liability, and operational risks tailored to small enterprises. Operating nationwide, Verak aims to become the leading insurance brand for over one million businesses by 2027, leveraging technology for efficient distribution and service.
HQ CountryIndiaIndia
HQ City
Gurgaon
Mumbai
Deal Date1 Sep 20264 Apr 2023
Valuation$78Mundisclosed
EV/Revenue
EV/EBITDA

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InsuranceDekho Competitors

InsuranceDekho competitors include listed companies like Rasan, SelectQuote, AIX Inc. and eHealth, and private ones like Healthcare.com and BGL Group.

Public and private companies comparable to InsuranceDekho
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Healthcare.comUnited StatesMiami, FLPrivate--$1B-
BGL GroupUnited KingdomPeterboroughPrivate$778M-$2.4B3.0x
RasanSaudi ArabiaSaudi ArabiaPublicly listed$174M$73M$3B11.0x
SelectQuoteUnited StatesUnited StatesPublicly listed$1.6B$138M$83M0.5x
AIX Inc.ChinaChinaPublicly listed$83M($342M)$64M-
eHealthUnited StatesUnited StatesPublicly listed$554M$83M$27M1.0x

InsuranceDekho Public Comps

InsuranceDekho is still privately-owned, but its public comps include EverQuote, Sukoon Insurance, Hypoport, Nerdwallet, Yuanbao, SMZDM.com, QuinStreet, MHA, Turtlemint and GoodRx.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
EverQuote$693M$62M0.9x0.8x9.9x5.5x
Sukoon Insurance$889M$125M0.7x-5.0x-
Hypoport$694M$78M0.8x0.8x6.9x6.8x
Nerdwallet$837M$112M0.6x0.6x4.7x3.6x
Yuanbao$652M$209M----
SMZDM.com$192M$19M4.9x4.7x47.8x42.1x
QuinStreet$1.3B$61M0.7x0.7x15.8x7.9x
MHA$338M$59M1.5x1.5x8.6x7.7x

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Common questions about InsuranceDekho

When was InsuranceDekho founded?InsuranceDekho was founded in 2016.
Where is InsuranceDekho headquartered?InsuranceDekho is headquartered in Haryana, India.
Is InsuranceDekho publicly listed?No, InsuranceDekho is a private, VC-backed company.
What is InsuranceDekho's valuation?InsuranceDekho was last valued at $775M in its Series A in January 2025.
How much funding has InsuranceDekho raised?InsuranceDekho has raised $315M across 5 funding rounds.
What was InsuranceDekho's last funding round?InsuranceDekho's last funding round was a $70M undisclosed-stage round in March 2025, led by Beams FinTech Fund, BNP Paribas Cardif and MUFG Bank.
Who are InsuranceDekho's investors?InsuranceDekho's investors include Beams FinTech Fund, Goldman Sachs, BNP Paribas Cardif, TVS Capital Funds, MUFG Bank, Avataar Venture Partners, MUFG, Investcorp Capital, N Laxmi Narayan, C. Development and 6 others.
What is InsuranceDekho's revenue?InsuranceDekho's latest recorded revenue is $138M (January 2025).
What is InsuranceDekho's revenue multiple?InsuranceDekho's latest valuation implies a 5.6x revenue multiple ($775M valuation on $138M of revenue).
Which companies are comparable to InsuranceDekho?Companies comparable to InsuranceDekho include Healthcare.com, BGL Group, Rasan, SelectQuote, AIX Inc. and eHealth.
How many companies has InsuranceDekho acquired?InsuranceDekho has acquired 2 companies, including RenewBuy and Verak.
What was the largest acquisition by InsuranceDekho?The $78M acquisition of RenewBuy in September 2026 is the largest acquisition InsuranceDekho has made to date.

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