InsuranceDekho Eyes IPO By FY27, CEO Says
Deal News | Mar 05, 2025 | Madison India Capital Advisors
InsuranceDekho's initial public offering (IPO) is slated to be at least 18 months away, potentially extending to early FY27, said founder and CEO Ankit Agrawal. In an exclusive with Moneycontrol, Agrawal noted the insurance aggregator may raise an additional $10-15 million as part of its existing $70 million funding round led by Beams Fintech Fund, MUFG, and BNP Paribas Cardif. The round, entirely primary, has seen existing investors such as Goldman Sachs and LeapFrog Investments increase their stakes. Despite discussions for an IPO, exact timelines remain fluid, with market conditions to be evaluated towards year's end. Founded in 2017, the firm turned profitable in FY24, growing its revenue by 7.7x and posting an Rs 86 crore profit. InsuranceDekho plans to leverage its newly secured composite insurance broking license to diversify offerings, including a potential merger with competitor RenewBuy to solidify its market standing. Despite current economic challenges, Agrawal remains optimistic about India's insurance sector, citing low penetration and government initiatives as key growth drivers.
Sectors
- Insurance
- Financial Services
- Technology
Geography
- India – InsuranceDekho is a Gurugram-based company operating across India and focuses on covering a vast percentage of India's pin codes.
Industry
- Insurance – The article centers around InsuranceDekho, an insurance aggregator involved in various insurance segments and is expanding into re-insurance and brokering.
- Financial Services – The article involves significant investment activity, ongoing funding rounds, and future IPO plans, pertaining to the financial services sector.
- Technology – InsuranceDekho has launched a SaaS platform, Heph, to optimize insurance distribution, showcasing its technology-driven approach.
Financials
- $70 million – The ongoing funding round led by Beams Fintech Fund, MUFG, and BNP Paribas Cardif.
- $10-15 million – Additional funds that InsuranceDekho may take as part of the current funding round.
- Rs 600-700 crore – Equivalence of the funding raised as a testament to InsuranceDekho's capabilities.
- Rs 86 crore – The profit posted by InsuranceDekho in FY24.
- Rs 743 crore – The operating revenue generated by InsuranceDekho in FY24.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| InsuranceDekho | Target Company | Company | An insurance aggregator founded in 2017, turned profitable in FY24 and is planning an IPO by FY27. |
| Ankit Agrawal | CEO | Person | Founder and CEO of InsuranceDekho, provides insights into the company's IPO plans and strategic direction. |
| Madison India Capital Advisors | Private Equity Firm | Company | A private equity firm connected to InsuranceDekho. |
| Beams Fintech Fund | Lead Investor | Company | Primary lead investor in InsuranceDekho's $70 million funding round. |
| Mitsubishi UFJ Financial Group (MUFG) | Investor | Company | A Japanese firm participating in InsuranceDekho's $70 million funding round. |
| BNP Paribas Cardif | Investor | Company | An insurance company participating through its insurtech fund. |
| Goldman Sachs | Investor | Company | An existing investor in InsuranceDekho that has doubled its investment. |
| Avataar Ventures | Investor | Company | An investor participating in the $70 million round. |
| LeapFrog Investments | Investor | Company | An investment firm involved in the current funding round. |
| Insurance Regulatory and Development Authority of India (IRDAI) | Regulatory Body | Government | Provided InsuranceDekho with a composite insurance broking license. |
| RenewBuy | Potential Acquisition Target | Company | A smaller competitor that InsuranceDekho is reportedly in talks to merge with. |