2025-01-27 11:50:00 :
The documents submitted to the Ministry of Enterprise Affairs show that insurance technology startups InsuranceDekho has raised funds from Beams Fintech Fund, Mitsubishi Day Bank Bank and Bank of France, Cardiff C.Development. Two people familiar with the matter revealed that this is part of a fundraising activity that may be as high as US $ 7.50 billion MintEssence
The documents show that these companies have purchased 4.33 million InsuranceDekho shares, the price is $1.219 billion rupees.
People familiar with the matter said that the startup is expected to appoint bankers for the first public offering of shares in the next 3-4 weeks. They added that the company plans to quickly promote the IPO plan.
One person said: “It should be prepared to be publicly issued later this year, and it is likely to be the last financing before they listed.” It is planned to use its expansion and inorganic growth plan. “
The second person said that financing will be carried out multiple times, and other existing investors are expected to join in the next 2-3 weeks, and added that the valuation details have not been fully determined.
InsuranceDekho, Beams, MUFG and C. Development did not respond immediately MintReview requests.
Mint It was reported for the first time in June that the company was conducting early negotiations on financing of US $ 100 to 50 million and has appointed Avendus to help complete the process. October, Mint Exclusive reports said that the company is in the final stage of cash plus stock merger with a smaller peer renewbuy, which will create the second largest insurance aggregate in India.
InsuranceDekho raised $ 60 million in Series B in October 2023, with a valuation of $ 630 million. This round of financing is led by the Insurance Technology Fund, Beams FINTECH FUND and Yogesh Mahahansaria Family Office, which is managed by Japan’s Mitsubishi Nicholas Financial Group (MUFG), Bank of France.
Other investors
At that time, the company outlined plans to enhance technical capabilities, strengthen marketing efforts, provide funds for new measures such as reinsurance, and pursue the pursuit of inorganic growth plans through financing.
InsuranceDekho raised $ 150 million in A round A financing led by Goldman Sachs Asset Management and TVS Capital Funds in February 2023. Other existing investors include Investcorp, Avataar Ventures and Leapfrog Investments.
InsuranceDekho was founded by Ankit Agrawal and ISH Babbar in 2017, and about 82% of the premiums came from second -tier cities and other cities. The company has more than 6 million customers, and directly integrates with 46 insurance companies in India to provide more than 380 products, including 175 health and life products, and provides claims services in about 1,500 cities and towns. It comes with ACKO, Turtlemint and Policybazaar.
InsuranceDekho is a subsidiary of Cardekho, a car portal, which focuses on turning from sales of used cars to car financing from sales. Cardekho, headquartered in Swil, became unicorn in 2021 and competed with Cartrade, Spinny and Cars24. In December 2023, it acquired a shared travel startup REVV.
In fiscal 2024, InsuranceDekho’s operating income soared 670%to reach $7.436 billion rupees $A year ago was 965 million rupees. The profit announced is $85.7 million rupees, loss comparison $According to the INC42 report, the fiscal year in 2023 was 516 million rupees.
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