For the insurtech company, an initial public offering (IPO) is “some time away” because right now it wants to be a good scalable organisation, said CEO and co-founder Ankit Agrawal.
Goldman Sachs and TVS Capital-backed InsuranceDekho is looking to turn profitable at the end of the current financial year as it plans to double its business during the year.
For the insurtech company, an initial public offering (IPO) is “some time away” because right now it wants to be a good scalable organisation, said CEO and co-founder Ankit Agrawal. “The idea is that we should be a profitable company by the end of this financial year,” Agrawal told FE in an interview.
The company is looking to exit the current financial year at an annualised premium run rate of Rs 5,000 crore and doubling the business. “We should hopefully get to around Rs 4,000-crore premium on a full-year basis. We should have penetrated to the maximum number of places in the country,” the CEO said.
During the last financial year, the company clocked Rs 1,938-crore premium. It exited FY23 at the an annualised premium run rate of Rs 3,000 crore.
Launched in 2017, the company has adopted broadly three strategies to grow its business — deepening footprints, opening new business lines and adding more manpower.
InsuranceDekho is planning to be present in over 300 cities from 150 cities at present. Currently, the company has around 1,500 employees and it is looking to add more people. Moreover, it plans to double the number of agents to around 200,000 this fiscal.
In FY24 so far, the insurtech player has acquired two firms —Verak, a Mumbai-based SME insurance distribution startup, and IRSS, a Gujarat-based insurance distributor.
“We are always looking at inorganic opportunities. This is a good market to look at inorganic opportunities. We are evaluating a couple of companies. We are open to acquire small regional brokers and tech companies,” the CEO said.
In February, the company raised $150 million in Series A funding consisting of a mix of equity and debt. Goldman Sachs Asset Management and TVS Capital Funds led the equity round.
Agrawal said the company does not have further capital raising plans currently as it is well capitalised. “We are very well capitalised. I don’t think we will be looking at raising capital. I think the company has enough capital to sustain itself,” he added.
InsuranceDekho is a brand name owned by Girnar Insurance Brokers (GIBPL), which was incorporated in 2016 and was granted the licence to act as a direct insurance broker by regulator Irdai in 2017.
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