InsuranceDekho (1), an insurtech startup, has received 20 million USD from its parent company GirnarSoft. The parent company also has other businesses, including CarDekho.com, gaadi.com, and Zigwheels.com. It is the first funding of the three-year-old firm. It is now planning to enhance its reach in India with the latest tranche.
Ankit Agrawal, the CEO, and Co-founder of InsuranceDekho, stated that they have been prudent with their business and planned to go for funding at the right time. It included the company’s plan to turn to GirnarSoft for funds or raising capital.
He added that the startup’s business fundamentals are now in place. It has also got a robust distribution channel with their feet on the street. Now it is time for the company to raise funding and scale-up.
InsuranceDekho to Reach Every Corner of ‘real Bharat.’
InsuranceDekho will utilize the 20 million USD to extend its team reach, heighten its distribution to all the corners of India, and build a strong brand that focuses on consumers. The company would achieve it by scaling its team size to 100 from 30 and increasing its marketing spends.
Agrawal added that the insurance distribution, especially for health and life side, has achieved means via COVID-19, which could not be achieved with government spending or marketing. Like any other tech company, InsuranceDekho is also eying to get more users from India’s smaller cities.
The team has realized that an assistant model is required in smaller cities in India. Hence, instead of pushing the policies down to users, the company is focusing more on advising. Interestingly, the move has helped the firm grow 3x more in the previous fiscal year.
InsuranceDekho is on a path to close 36 lakh policies by the end of March 2021, compared to the previous 20 lakh policies annually. The startup is planning to add 1 lakh agents from various parts of the country. It is also targeting 1,200 crore INR new premiums from 2020.