InsuranceDekho is looking to raise over $50 million in Series B funding at approximately $650-700 million valuation. The insurtech company is planning to raise more than $50 million from new and existing investors in the next two-three months at a $650-700 million valuation, market sources told FE.
An e-mail sent to the company remained unanswered till press time.
In a recent interview, InsuranceDekho CEO and co-founder Ankit Agrawal told FE that the insurtech company is open to acquire small regional brokers and tech firms.
The Gurugram-headquartered insurtech player acquired two firms – Verak, a Mumbai-based SME insurance distribution startup, and IRSS, a Gujarat-based insurance distributor – in this financial year.
Commencing its business in 2017, the company has adopted broadly three strategies to grow – deepening footprints, opening new business lines and adding more manpower.
It is planning to be present in over 300 cities against 150 cities at present. Currently, the company has around 1,500 employees and it is looking at adding more people. Moreover, it plans to double the number of agents to around 200,000 this fiscal.
The company is looking at exiting the current financial year at the annualised premium run rate of Rs 5,000 crore and doubling the business. “We should hopefully get to around Rs 4,000 crore premium on a full year basis,” the CEO said.
During the last financial year, the company clocked Rs 1,938 crore premium. It exited FY23 at the annualised premium run rate of Rs 3,000 crore. InsuranceDekho is looking to turn profitable by the end of the current financial year.