InsuranceDekho Raises $70 Mn to Bolster Its Tech Stack
The Indian insurance technology (insurtech) space has witnessed a significant development lately. InsuranceDekho, a leading insurtech major, has announced that it has secured a whopping $70 million in an undisclosed funding round. The round was led by existing investors, including Beams Fintech Fund, Mitsubishi UFJ Financial Group (MUFG), and insurer BNP Paribas Cardif. With this fresh influx of capital, InsuranceDekho plans to intensify its efforts to expand its footprint, enhance its tech stack, and solidify its position in the Indian insurance market.
Founded in 2016, InsuranceDekho has been making waves in the Indian insurance industry by leveraging technology to simplify the process of buying and managing insurance policies. The company’s platform provides a comprehensive range of insurance products from leading providers, along with a user-friendly interface that enables customers to compare and purchase policies online. With its innovative approach, InsuranceDekho has managed to disrupt the traditional insurance landscape and gain a significant share of the market.
The latest funding round is a testament to the faith reposed by investors in InsuranceDekho’s vision and business model. The company plans to utilize the freshly raised funds to accelerate its growth trajectory and establish itself as a dominant player in the Indian insurance market. The funds will be deployed across various areas, including:
- Expansion of Footprint: InsuranceDekho aims to expand its presence across India by strengthening its distribution network and forging partnerships with leading insurance companies. The company plans to establish a robust presence in Tier-2 and Tier-3 cities, where insurance penetration is relatively low.
- Enhancement of Tech Stack: InsuranceDekho will use the funds to enhance its technology infrastructure, including the development of new features and integration with leading insurance providers. The company is committed to leveraging artificial intelligence (AI), machine learning (ML), and other cutting-edge technologies to improve the customer experience and increase operational efficiency.
- Strengthening Position in Indian Insurance Market: InsuranceDekho will utilize the funds to strengthen its market position by increasing its marketing and advertising efforts. The company plans to highlight its unique value proposition, including its user-friendly platform, competitive pricing, and dedicated customer support.
The Indian insurance industry has been witnessing rapid growth in recent years, driven by increasing awareness about the importance of insurance, growing disposable incomes, and government initiatives to promote financial inclusion. The industry is expected to continue its growth trajectory, with the total premium income projected to reach $250 billion by 2025.
InsuranceDekho is well-positioned to capitalize on this growth, with its platform already attracting a significant customer base. The company’s innovative approach, combined with its commitment to customer satisfaction, has enabled it to build a loyal customer base. With the fresh funds, InsuranceDekho is poised to further accelerate its growth and establish itself as a leading player in the Indian insurance market.
In conclusion, InsuranceDekho’s $70 million funding round is a significant development in the Indian insurance industry. The company’s plans to expand its footprint, enhance its tech stack, and strengthen its position in the market are likely to have a profound impact on the industry. As the Indian insurance market continues to grow, InsuranceDekho is well-positioned to emerge as a leading player, driven by its innovative approach, commitment to customer satisfaction, and robust technology infrastructure.
News Source:
https://inc42.com/buzz/insurancedekho-raises-70-mn-to-bolster-its-tech-stack/
