InsuranceDekho is an online insurance firm that reported a 7.7-time increase in its revenue from operations to Rs 743.6 crore in FY24. The startup offers an online insurance comparison platform with insurance services, multiple policies, making payments, and comparing prices. The insurance brokerage is the company’s major source of revenue. Insurance Dekho is a digital insurance company that allows customers to compare and buy health, travel, motor, and per insurance.
Entrackr mentioned in its report that the firm also earns its revenue from other services including investment plans like fixed deposits and interest on gains. The insurance brokerage accounted for 97.7 percent of the total operating income. The company has secured over 310 million USD across four funding rounds since its inception, including $60 million raised during its series B funding round led by MUFG and BNP Paribas Cardif with the participation of other investors. The startup also offers several insurance plans in different areas like health, bikes, and cars.
The data intelligence platform, tracxn mentioned that the firm’s post-money valuation to around 600 million USD. The platform also assists with technical support during claim settlements. The employee benefits also increased by 21.7 percent and stood at Rs 130.26 crore in FY24. Manpower management also increased by 53 times to Rs 35 crore in the same duration. The finance costs and advertisement also accounted for Rs 98 crore of the total expenses.
The total expenditure of the firm increased by 360.4 percent to Rs 699.2 crore in FY24. The startup reported an increase in its profit which stood out at Rs 85.71 crore in the same duration. Meanwhile, the employee benefits increased compared to the last year. The Gurugram-based startup offers several investment plans including ULIP, retirement plans, and others. The additional income of Rs 41.3 crore comes from non-operating sources like software sales and interest income which brought the total income to Rs 785 crore in this financial year.
The startup data intelligence platform, tracxn mentioned that Goldman Sachs Asset Management is the largest institutional investor of the firm. Insurance Dekho turned profitable in this financial year. The firm posted its EBITDA margin of 11.73 percent while ROCE stood at 16.50 percent in FY24. Insurance Dekho faces competition from other insurance offering platforms like Policybazaar, Turtlemint, and RenewBuy.
Conclusion :
Insurance Dekho is an insurance tech startup offering an online comparison platform for individuals that announced a 670.9 percent increase in its operational revenue to Rs 743.6 crore in FY24. This Gurgugram-based startup offers various investment solutions including fixed deposit and retirement plans. The startup has raised around 310 million USD across multiple funding rounds.
The insurance brokerage and income interest are the firm’s major sources of revenue. The profit increased and stood at Rs 85.71 crore in FY24. The total expenditure of the firm increased by 360.4 percent and crossed Rs 699.2 crore in the same duration. The company controlled its losses by effective cost control and turned profitable in this fiscal year.
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