Goldman Sachs-backed InsuranceDekho is raising $60 million from a clutch of investors, including Japan’s Mitsubishi UFJ Financial Group.
The latest round of fundraising follows the series ‘A’ funding in February taking the aggregate capital raised by the Gurgaon-based start-up to over $200 million this year.
According to market sources. the latest round of funding places the company, founded in 2017 by Ankit Agrawal and Ish Babbar, in the ‘soonicorn’ category, which implies that the start-up has the potential to reach a $1 billion valuation in the near future.
The insurtech company plans to use the funds to invest in marketing, expand its distribution presence, scale up its tech platform, explore inorganic growth opportunities and invest in new business lines such as reinsurance broking.
In the current round, Mitsubishi UFJ Financial Group, BNP Paribas Cardiff through its fund managed by European investment major Eurazeo, Beams Fintech Fund and Yogesh Mahansaria Family Office have come on board as new investors. Existing investors include TVS Capital, Goldman Sachs Asset Management and Avataar Ventures.
“This funding will allow us to accelerate our efforts, reach more customers and innovate further in the insurtech space. The insurance sector is at the cusp of a tech-backed revolution and I believe InsuranceDekho can lead this transformation,” said Ankit Agrawal, CEO, of InsuranceDekho.