Insurtech platform InsuranceDekho has raised $150 million in a mix of equity and debt funding, led by Goldman Sachs Asset Management and TVS Capital Fund.

Investcorp, Avataar Ventures and LeapFrog Investments also invested as part of the equity funding. The share allotment to some of these investors began in January.

Of the total funding, $110-$120 million is the equity portion, valuing InsuranceDekho at $450-500 million post-money, as per reports.

After the latest fundraising is complete, external institutional investors will hold 20-22 percent stake in the insurance platform, while the rest will be with its parent entity GirnarSoft group (which also owns Cardekho) and employees.

InsuranceDekho's funding comes at a time when digital insurer Acko is in talks to raise over $100 million, as a part of its latest raise. In addition, private general insurance player Digit is also looking to refill papers and proceed with its $440 million initial public offering (IPO).

“India continues to be an under-penetrated market in terms of insurance, and post-Covid-19 customers have become more aware about buying a cover. This has had a positive impact on the insurance industry, across all segments leading to the industry growing almost 15 percent on an annual basis,” says cofounder and chief executive Ankit Agrawal.

“We will approach acquisitions from a geographic, product or capability expansion point of view and are looking at businesses across all stages,” adds Agrawal.

At present, motor insurance is the largest category for InsuranceDekho, contributing to 80 percent premiums generated from the platform, with health, life, fire among others contributing to the rest. According to Agrawal, by FY25, the company expects to hit a healthy mix of 50 percent premiums coming from motor, with the rest being contributed by other categories.

“InsuranceDekho has demonstrated a proven ability to bring new-to-insurance channel partners to their platform, while empowering them through technology-based solutions and working closely with insurers,” says Rajat Sood, managing director at Goldman Sachs Asset Management.