Indian insurtech company InsuranceDekho has secured $60m of funding in its Series B financing round.

The investment round was joined by investors such as Japanese conglomerate Mitsubishi UFJ Financial Group, insurer BNP Paribas Cardif and Beams Fintech Fund.

BNP Paribas Cardif joined the funding round through its insurtech fund managed by European investment firm Eurazeo.

The latest funding takes the online insurer’s valuation to more than $650m (Rs54.09bn).

The funding round, which is a combination of equity and debt, was also joined by the insurer’s current investors, TVS Capital, Goldman Sachs Asset Management and Avataar Ventures.

The fresh capital will be utilised by the company to bolster its tech expertise, improve marketing activities, fund new projects such as reinsurance and explore inorganic growth strategies.

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Bloomberg quoted InsuranceDekho founder and CEO Ankit Agrawal as saying: “We will use this money for merger and acquisition (M&A) opportunities, to build a strong tech product team, for branding and we are going to use it to open new business lines like getting into reinsurance.” 

In February this year, InsuranceDekho raised $150m in its Series A funding round. The latest fund raise takes the total capital raised in 2023 to more than $200m. 

Commenting on the latest investment in the Indian insurtech company, MUFG Bank India deputy CEO Shashank Joshi said: “Our entry into the insurtech sector signifies a strategic commitment to increase insurance accessibility in India. 

“InsuranceDekho’s tech-driven last-mile distribution model perfectly aligns with our vision of advancing insurance outreach in India.”

With a footprint in more than 1,300 cities in India, InsuranceDekho aids its clients in comparing various insurance plans as per their needs and assists them in buying the most appropriate policy. 

The company currently has partnerships with 46 insurance companies and delivers more than 380 products on its platform.