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Insurance sector has doubled its revenues in fiscal 2023-24 reaching Rs 100.28 crore, compared to Rs 48.74 crore in FY22-23, reports said.
Founded in 2016 by Ankit Agrawal and Ish Babbar, Gurugram-based insurtech platform Insurance Dekho that compares and offers data on various types of insurance purchases, including motor, health, life, travel, and pet insurance, said in its report. It competes with established players like Acko and Policy Bazaar in India’s growing insurtech sector.
Insurance Dekho has raised a total of Rs 1,742.28 crore over two funding rounds, with its latest Series B round in October 2023 led by MUFG and BNP Paribas Cardif, valuing the company at over Rs 1,000 crore. In April 2023, the platform made strategic acquisitions of IRSS and Verak to expand its footprint.
The company’s financial performance in FY23 showed not only a surge in revenue but also a narrowing of losses. Its net loss reduced to Rs 51.59 crore from Rs 70 crore in FY22. Despite this improvement, Insurance Dekho’s expenses also climbed, reaching Rs 151.88 crore, driven largely by employee benefits, which accounted for over 50% of the total, followed by costs in advertising, finance, and legal services.
The platform’s key financial metrics remained in negative territory, with an EBITDA margin of -44.98% and a Return on Capital Employed (ROCE) of -15.28%, indicating continued challenges in profitability. However, the reduction in losses suggests a path toward greater financial stability as the company scales its operations.
The majority of Insurance Dekho’s shares are held by Amit Jain, who controls over 50%, alongside prominent investors such as West Street and TVS Shriram Growth AIF.
As the insurtech market in India continues to expand, Insurance Dekho’s robust revenue growth and strategic acquisitions position it for further success despite the current hurdles in profitability.
