Insurtech company InsuranceDekho has raised $70 million in funding 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.

The company plans to deploy the freshly raised funds in expanding its footprint, enhancing its tech stack and strengthening its position in the Indian insurance market.

This comes after the company had secured $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group.

• Also read: InsuranceDekho raises $60 million in Series B funding

Ankit Agrawal, Founder & CEO of InsuranceDekho, said, “We are delighted to have Beams Fintech Fund, Eurazeo and MUFG double down on their support. This capital will enable us to expand our reach, enhance our tech-driven offerings, and solidify our position as India’s go-to insurance platform. With our continued focus on digital transformation and customer-centric solutions, we are well-positioned to drive the next wave of insurance adoption in India.”

InsuranceDekho raised $150 million in its Series A round led by Goldman Sachs Asset Management and TVS Capital Funds in February 2023. Its other existing investors include Investcorp, Avataar Ventures and LeapFrog Investments.

• Also read: Mitsubishi UFJ sees India as key growth market, eyes expansion

Founded in 2017 by Ankit Agrawal and Ish Babbar, InsuranceDekho has served over 10.2 million customers nationwide, with 21 new policies issued every minute on its platform.

Headquartered in Gurugram, India, InsuranceDekho has footprint across 99% of the country’s pin codes, supported by a network of 220K partners offering 720+ insurance products across categories such as Motor, Health, Life and Corporate Business. The platform partners with 49 insurance companies, making it one of the most extensive insurance marketplaces in India.

Sagar Agarvwal, Founder & Partner at Beams Fintech Fund, said, “We have been strong believers of InsuranceDekho’s vision since our initial investment. Their phenomenal growth, robust distribution network, and relentless focus on technology-driven accessibility make them a clear industry force. We have strong conviction in Ankit and the entire InsuranceDekho management team.

Their expertise, speed and execution capabilities continue to propel the company forward. This follow-on investment reaffirms our belief in their potential to scale further and redefine the insurance distribution landscape in India.”