**InsuranceDekho Accelerates IPO Plans**
InsuranceDekho, the insurtech startup, is set to expedite its initial public offering (IPO) plans. The company is anticipated to initiate discussions with bankers regarding the IPO within the next few weeks. Recent filings with the Ministry of Corporate Affairs reveal that InsuranceDekho has secured funding from Beams Fintech Fund, MUFG Bank, and C. Development, as part of a larger fundraising effort that could reach between $75 million and $100 million.
The filings indicate that these firms acquired 4.33 million shares of InsuranceDekho for ₹121.9 crore. Sources suggest that the company aims to finalize its IPO preparations later this year, potentially making this its last fundraising round before going public. This funding round is primarily internal, involving existing investors, and is intended to support the company’s expansion and inorganic growth strategies.
The funding will be disbursed in multiple tranches, with additional participation from other existing investors expected in the coming weeks. However, the specifics regarding the company’s valuation are still being finalized.
In June, it was reported that InsuranceDekho was in preliminary discussions to raise between $100 million and $150 million and had engaged Avendus for assistance. In October, it was revealed that the company was nearing a merger with the smaller competitor RenewBuy in a cash-and-stock transaction, which would establish it as India’s second-largest insurance aggregator.
In its Series B funding round in October 2023, InsuranceDekho raised $60 million at a valuation of $630 million, with significant contributions from MUFG, BNP Paribas Cardif, Beams Fintech Fund, and the Yogesh Mahansaria Family Office. The company previously raised $150 million in its Series A round in February 2023, led by Goldman Sachs Asset Management and TVS Capital Funds.
Founded in 2017 by Ankit Agrawal and Ish Babbar, InsuranceDekho generates approximately 82% of its premium revenue from Tier-II cities and beyond. With over 6 million customers, the company has direct partnerships with 46 insurance providers in India, offering more than 380 products, including 175 focused on health and life insurance.
