Indian insurtech platform InsuranceDekho has raised $150m in a Series A funding round led by Goldman Sachs Asset Management and TVS Capital Funds.

Investcorp, Avataar Ventures and LeapFrog Investments also participated in the round, InsuranceDekho revealed in a LinkedIn post.

The Financial Express reported that the funds, which consist of equity and debt, will be used to expand the company’s product portfolio, and build its technology capabilities. 

The capital infusion will also be used by InsuranceDekho to expand into new markets, introduce products in the health and life insurance categories and expand its micro, small, and medium enterprise insurance business

Furthermore, InsuranceDekho, which is a unit of the used-car platform CarDekho, will explore inorganic growth opportunities and bolster its executive team. 

InsuranceDekho CEO and co-founder Ankit Agrawal said: “We need to go beyond the urban regions when it comes to insurance penetration in the country. To realise our goal of democratising insurance for the general public, we are expanding our reach and will continue to build on our tech-based solutions and empowered advisors.”

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By March 2023, the company hopes to reach an annualised premium run rate of INR35bn ($423m).

Goldman Sachs Asset Management managing director Rajat Sood said: “InsuranceDekho has demonstrated a proven ability to bring new-to-insurance channel partners to their platform while empowering them through technology-based solutions and working closely with insurers. We look forward to leveraging our global domain expertise and supporting the management team in its expansion to provide broader coverage and more solutions nationwide.”