InsuranceDekho second funding round this year secures $60M

The Indian startup, InsuranceDekho, recently secured $60M in its Series B funding round. This has catapulted their valuation to $650M.

• Financers: Major investors include Japan's Mitsubishi UFJ Financial Group Inc. and BNP Paribas Cardif, demonstrating serious confidence in the company.

• Exciting M&A Opportunities: The freshly secured funding is earmarked for significant M&A opportunities, which have the potential to completely transform their industry. A portion of the funds will be used to assemble a strong tech product team and to enhance their branding.

• Venturing into Reinsurance: InsuranceDekho isn't just selling insurance — they're breaking into the reinsurance sector as well.

• Other Investors: Familiar faces such as TVS Capital and Goldman Sachs Asset Management were also seen in this funding round, all amid a funding slowdown in the Indian startup economy.

• Previous Funding: Based just outside India's capital, New Delhi, InsuranceDekho has proven adept at raising funds, having previously secured a substantial $150M earlier this year.

According to Ankit Agrawal, Founder and CEO of InsuranceDekho, the company is on track to break even for the quarter ending in December. Even more exciting? He anticipates the company will begin turning a profit on an annual basis starting from the next quarter.