Insurance Dekho posted a 2X rise in revenue in FY23 reaching Rs 100.28 crore from Rs 48.74 crore in FY22.
Founded in 2016 by Ankit Agrawal and Ish Babbar, Insurance Dekho is an insurtech platform helping customers compare and purchase third-party motor, health, life, travel, and pet insurance. The company also offers several investment plans including UNIP, child, fixed deposit, and retirement plans among others. It competes with online insurance platforms like Acko and Policy Bazaar.
The Gurugram-based company has raised a total of Rs 1742.28 Cr in funding over 2 rounds, with the latest funding being a series B round raised in Oct 2023 led by MUFG, BNP Paribas Cardif.
Standing at a valuation of over Rs 1,000 crore, Insurance Dekho also acquired IRSS and Verak in April 2023. The majority of Insurance Dekho’s shares are held by Amit Jain, who owns over 50%, followed by West Street, TVS Shriram Growth AIF, and other prominent shareholders.
Along with revenue, the company’s expenses also rose to Rs 151.88 crore in FY23 from over Rs 100 crore in FY22. Employee benefits accounted for the largest contribution of these expenses at over 50%, followed by significant costs related to advertisements, finance, and legal and professional fees.
Insurance Dekho managed to shrink its losses to Rs 51.59 crore in FY23 from over Rs 70 crore loss in FY22.
The company’s current EBITDA margin and ROCE remained negative at -44.98% and -15.28% respectively.