Private equity investor Beams Fintech Fund on Tuesday said it has made a follow-on investment in its portfolio company InsuranceDekho as part of a $70 million funding round. The round in the CarDekho Group’s insurance-tech platform was co-led by Beams Fintech Fund, Japan’s Mitsubishi UFJ Financial Group (MUFG) and insurer BNP Paribas Cardif through its insurtech fund managed by European investment major Eurazeo, Beams Fintech Fund said.
Founded in 2017 by Ankit Agrawal, the startup InsuranceDekho said it has so far served over 10.2 million customers in the country, with 21 new policies issued every minute on its platform. The company competes with a number of insurance platforms, including PolicyBazaar, Acko and others.
Speaking on the fundraising, Agrawal said the fresh capital will enable the company to expand its reach, enhance tech-driven offerings, and solidify its position as India’s go-to insurance platform.
The Gurugram-headquartered company currently has a network of 2.2 lakh partners offering over 720 insurance products across categories, including motor, health, life, and corporate business. InsuranceDekho has so far partnered with 49 insurance companies.
“Their phenomenal growth, robust distribution network, and relentless focus on technology-driven accessibility make them a clear industry force,” said Sagar Agarvwal, Founder & Partner at Beams Fintech Fund.
“This follow-on investment reaffirms our belief in their potential to scale further and redefine insurance distribution landscape in India,” Agarwal said.
The deal marks the second investment for Beams Fintech Fund in 2025, following a Rs 200 crore investment in a pre-IPO round of one of the largest unlisted NBFC companies in India focusing on in used commercial vehicle finance across India.
Without disclosing the company name, the fund said the NBFC company is set to go public in June 2025. Beams is also in the advanced stages of its third investment for the year in an MSME micro-LAP (loan against property) player.
The investments so far bring Beams’ total deployed to more than Rs 300 crore since the start of 2025. Managing AUM (assets under management) of Rs 900 crore, the fund focuses on fintech, financial services, and B2B SaaS companies.
The insurance market in India remains highly undepenetrated, providing massive room for growth and expansion to insurance providers. The life insurance segment had recorded a premium income of Rs 8.30 lakh in FY24, witnessing a 6.06 per cent growth from the previous year. Life insurance accounts for 74 per cent of total premium volumes in the country.
However, during FY24, insurance penetration in the country was 3.7 per cent of the gross domestic product, down from 4 per cent in FY23.