Insurance marketplace InsuranceDekho has raised $60 million in its ongoing Series B funding round from Japanese financial services major Mitsubishi UFJ Financial Group, BNP Paribas Cardif, which put money through its insurtech fund, and Beams Fintech, according to ETtech report.
The family office of Yogesh Mahansaria, managing director of Mahansaria Tyres, a major tyre manufacturer, also participated in the round.
Along with the new investors, funds also came from existing investors TVS Capital, Goldman Sachs Asset Management and Avataar Ventures.
“We will use the fresh funds for some inorganic growth opportunities. We are scouting some acquisition targets which we hope to close soon,” said Ankit Agrawal, chief executive officer, InsuranceDekho. “There are conversations happening around enhancing our technology and distribution capabilities but those conversations are private as of now,” he added.
Agrawal also wants to strengthen the company’s tech capabilities and invest in marketing and brand-building with the new round, a statement said.
“We are also looking to enter into reinsurance. We are in the process of applying for a composite brokerage licence from the IRDAI, which will allow us to become a broker for reinsurance policies too,” he said.
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