Impactalpha, October 12 — InsuranceDekho spun out of online car shopping site CarDekho in 2017 to bridge India’s insurance gaps. Through some 150,000 part-time agents, the company sells health, life, car and business insurance policies to customers in small cities and towns in India.
“Our entry into the insurtech sector signifies a strategic commitment to increase insurance accessibility in India,” Mitsubishi’s Shashank Joshi said in a statement.
InsuranceDekho has raised $60 million from Mitsubishi UFJ Financial Group, BNP Paribas, Beams Fintech Fund and Yogesh Mahansaria Family Office. The funding follows a $150 million mixed debt and equity round earlier this year, which included participation from existing investor LeapFrog Investments.