InsuranceDekho has raised $70 million in a funding round co-led by Beams Fintech Fund, Japan’s Mitsubishi UFJ Financial Group (MUFG), and insurer BNP Paribas Cardif through its insurtech fund managed by Eurazeo. The funding will help the company, backed by the CarDekho Group, expand its distribution network and enhance its AI-driven insurance solutions. Founded in 2017 by Ankit Agrawal, InsuranceDekho has served over 10.2 million customers across 99% of India’s pin codes.
“We have been strong believers in InsuranceDekho’s vision since our initial investment,” said Sagar Agarwal, Founder & Partner at Beams Fintech Fund, in a statement. “Their phenomenal growth, robust distribution network, and relentless focus on technology-driven accessibility make them a clear industry force.”
This marks Beams Fintech Fund’s second investment in 2025, following a Rs 200-crore pre-IPO investment in one of India’s largest unlisted NBFCs specializing in used commercial vehicle finance. The firm has already invested over Rs 300 crore this year and is in advanced discussions to support an MSME micro-LAP lender.
According to filings with the Ministry of Corporate Affairs from January, InsuranceDekho recently secured funds in a round led by Beams Fintech Fund 1, MUFG Bank Ltd., and C. Development (a French limited partnership). MUFG Bank led the investment with Rs 49.3 crore, followed by C. Development with Rs 63.22 crore and Beams Fintech Fund 1 with Rs 9.4 crore. These firms collectively acquired 4.33 million shares of InsuranceDekho for Rs 121.94 crore through a private placement of 4,339,885 equity shares, each priced at Rs 10 face value with a premium of Rs 270.98 per share.
CarDekho Group, the parent company of InsuranceDekho, reported a net revenue of Rs 2,074 crore for FY24, marking a 54% increase from Rs 1,347 crore in FY23 (adjusted for discontinued used car sales). The growth was mainly driven by the group’s diversified portfolio, particularly its insurtech arm, InsuranceDekho, and fintech platform, Rupyy.
CarDekho achieved standalone profitability for the first time, posting a profit of Rs 37 crore (before exceptional items) in FY24, a significant turnaround from a loss of Rs 143 crore in FY23. Consolidated losses also shrank to Rs 340 crore, compared to Rs 562 crore in the previous year.
