Chennai, NFAPost: GirnarSoft, which is known for its leading auto properties, CarDekho.com, Zigwheels.com and gaadi.com have announced plans to invest $20 million in its subsidiary, InsuranceDekho, the leading omni channel insurance platform. They will use the funds to invest in branding and strengthening their tech, product and sales teams.
InsuranceDekho sells insurance through a unique advisory led model leveraging on both online and offline distribution networks. These funds will also be used to strengthen InsuranceDekho’s transaction businesses and further expand its footprint deeper into the country. InsuranceDekho recently announced plans to onboard 1 lakh insurance advisors across country. They have already enrolled 20,000 advisors.
“InsuranceDekho started as a modest initiative to complete the ecosystem play. Over the years, under Ankit’s leadership, it has taken a life of its own and ranks among the leading insuretech companies in the country,” GirnarSoft CEO and Co-Founder Amit Jain said.
“They have inherited CarDekho’s capital efficiency and tech prowess but are building a large and independent business of their own. This proposed fund infusion is our vote of confidence in their ability to build India’s most enduring insuretech business in India,” he added.
“In the first phase of our journey, we created a unique three-way marketplace of insurance consumers, India’s leading insurance companies and distribution partners. Our focus was on building an industry leading tech stack and a platform that each of our stakeholders trusted,” InsuranceDekho CEO and Co-Founder Ankit Agrawal said.
“Despite being frugal, we have gone on to become one of India’s leading insuretech companies. Our unique consultative approach coupled with the tailwinds that the insurance industry is witnessing presents us a rare opportunity to create a large, profitable, and impactful business. This new capital infusion will be used to expand our digital footprint. We are already a force to reckon with in the B2B space. With this round, we aim to invest in branding and marketing to further strengthen our B2C platform which has been seeing strong traction over the last 2 quarters,” he added.
Launched in 2017, InsuranceDekho is an Insuretech venture. It enables its consumers to compare different insurance policies based on their requirements and offer them the best choices available. With a network in more than 450 cities across the country, InsuranceDekho has achieved rapid growth, with the company business doubling every quarter and tie-ups with over 26 general insurance companies.
InsuranceDekho is currently at an annualized run rate of 20 lakh policies and intends to close March 2021 at an annualised run rate of 36 lakh policies.