Companies news
Investcorp invests in India’s InsuranceDekho
The investment is part of a consortium financing $150mln of growth capital in InsuranceDekho to support the growth of the Company’s network
MANAMA - Investcorp, a Bahrain-based asset manager that counts Mubadala Investment Company as its biggest shareholder, announced on Tuesday that private equity funds managed by Investcorp have invested in InsuranceDekho, a leading Insurtech in India.
The investment is part of a consortium financing US$150 million of growth capital in InsuranceDekho to support the growth of the Company’s network, as well as the continuous development of its technology platform and brand.
InsuranceDekho was incubated inside the CarDekho Group, a leading tech-enabled automotive search platform, and then spun off as an independent business in 2018. The Company enables consumers to compare different insurance policies based on their requirements and offers them the best choices available. The Company has over 70,000 agents selling policies from over 45 insurers across over 1300 cities.
Speaking on the occasion, Yusef Al Yusef, Head of Investcorp’s Private Wealth, said, “Investcorp has always believed in backing disruptive changemakers. All our previous investments in India have been in companies with definitive competitive advantage that quickly gained market share on the back of excellent product and service delivery. InsuranceDekho comes from the Girnar group of companies which has created leading technology products that solved key problems for customers. Insurance is a high potential sector in India with an upside for growth.”
Gaurav Sharma, Head of Private Equity India at Investcorp said, "Our focus at Investcorp is to invest in companies that redefine the category in which they operate, and InsuranceDekho with its extensive network in major cities in India is at the forefront of the insurance space in the country. This is our first investment in the Indian InsurTech market, we look forward to this partnership, and to supporting the company in scaling its operation as well as aiding its technological and product development.”
Ankit Agrawal, CEO and Co-founder, InsuranceDekho, said, “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 platform and empowered advisors to ultimately serve every village and region of India by the end of the year. India is on the verge of a revolution in insurance, and InsuranceDekho is well-positioned to meet the insurance needs of every Indian.”
