InsuranceDekho receives $20 million funding from GirnarSoft

InsuranceDekho, India's leading insurance platform on Tuesday said that GirnarSoft has committed $20 million (around ₹147 crore) investment in the company. The firm will use the funding for "branding and strengthening their tech, product and sales teams".

"This new capital infusion will be used to expand our digital footprint. We are already a force to reckon with in the B2B space. With this round we aim to invest in branding and marketing to further strengthen our B2C platform which has been seeing strong traction over the last two quarters,"said Ankit Agrawal, chief executive officer and co-founder, InsuranceDekho.

InsuranceDekho recently announced plans to onboard 1 lakh insurance advisors across country. They have already enrolled 20,000 advisors.

InsuranceDekho, an omni channel insurance platform, is a subsidiary of GirnarSoft. Commenting on the investment, Amit Jain, chief executive officer and co-founder, GirnarSoft said, “InsuranceDekho started as a modest initiative to complete the ecosystem play. Over the years, under Ankit Agrawal’s leadership, it has taken a life of its own and ranks among the leading insuretech companies in the country. The other ventures of GirnarSoft are CarDekho.com, Zigwheels.com and gaadi.com.

"They have inherited CarDekho’s capital efficiency and tech prowess but are building a large and independent business of their own. This proposed fund infusion is our vote of confidence in their ability to build India’s most enduring insuretech business in India," Jain further added.

“In the first phase of our journey, we created a unique three-way marketplace of insurance consumers, India’s leading insurance companies and distribution partners. Our focus was on building an industry leading tech stack and a platform that each of our stakeholders trusted," Agrawal added.

"Our unique consultative approach coupled with the tailwinds that the insurance industry is witnessing presents us a rare opportunity to create a large, profitable, and impactful business," said chief executive officer of InsuranceDekho.

Launched in 2017, InsuranceDekho is an insuretech venture that enables consumers to compare different insurance policies based on their requirements and offering them the best choices available. "With a network in more than 450 cities across the country, InsuranceDekho has achieved rapid growth, with the company business doubling every quarter and tie-ups with 26+ general insurance companies," the company said in a statement.