Insurtech startup InsuranceDekho has raised fresh funds from Goldman Sachs, TVS Capital Funds and Eytukan Holdings, documents filed with the Ministry of Corporate Affairs (MCA) showed. The filings showed that the investment firms bought 1.37 million shares of InsuranceDekho for Rs 38.57 crore (approximately $4.2 million).
The fundraiser appears to be a part of the broader corporate restructuring at the CarDekho Group, which owns InsuranceDekho. To explain, CarDekho group entities – InsuranceDekho and Girnar Finserv – are set to merge alongside RenewBuy and ultimately be housed under a single entity, namely Artivatic Data Labs. Notably, the Competition Commission of India (CCI) approved the merger plans in November 2025.
For context, RenewBuy acquired a majority stake in Artivatic Data Labs in 2022. Artivatic is an AI-native insurtech platform that provides underwriting and claims automation tools through application programming interface-based (API-based), and Software as a Service (SaaS) solutions.
Pertinently, InsuranceDekho declined to comment on MediaNama’s queries on the development.
Why are InsuranceDekho and RenewBuy Merging with Artivatic?
In a major consolidation move in the insurance aggregation market, InsuranceDekho and RenewBuy reportedly merged through a share swap in May 2025. Strategically, the merger is about scale and distribution muscle.
Currently, InsuranceDekho offers insurance products across motor, life, health and travel insurance segments. The company claims to cover 98% of India’s PIN codes and serve over 15 million customers. Its merger with smaller competitor RenewBuy is expected to position it as the second-largest player in the insurance distribution space, where it competes with industry leader Policybazaar, ACKO and Turtlemint, among others.
Founded in 2015, RenewBuy focuses on the digital insurance distribution business, with a network of around 125,000 insurance advisors, in about 1,500 towns across India.
The combined entity is expected to have a premium book of Rs 6,000 crore, a five-fold increase over the base scale of either individual platform. The deal reportedly valued InsuranceDekho at Rs 5,400 crore, while RenewBuy was valued at Rs 1,800 crore.
Together with Artivatic, they will create a new phygital insurance powerhouse, combining InsuranceDekho’s online insurance product breadth with RenewBuy’s semi-urban and rural reach as well as Artivatic’s AI insurance infrastructure.
Currently valued at $283 million (Rs 23.56 crore), India’s online insurance market is projected to become a $550 million (Rs 4,580 crore) opportunity by 2031.
InsuranceDekho’s IPO Plans
InsuranceDekho is among a growing list of new-age firms gearing up for an initial public offering (IPO). In March last year, InsuranceDekho CEO Ankit Agrawal told Moneycontrol that the company was eyeing an IPO over the next 18 months, with a potential listing in early FY27.
Meanwhile, the Securities and Exchange Board of India (SEBI) approved rival Turtlemint’s IPO plans in December 2025. The company had filed its draft red herring prospectus (DRHP) with the market regulator in May last year, seeking to raise up to Rs 2,000 crore through its IPO.
InsuranceDekho’s parent company CarDekho, as well as rival used car marketplaces Cars24 and Spinny are also preparing to tap the public markets over the next 12-18 months.
In the broader fintech industry, the likes of PhonePe, Razorpay, PayU, Kissht, KreditBee and Moneyview are also sprinting towards their IPOs.
InsuranceDekho Slips Into Losses in FY25
While InsuranceDekho is preparing to tap the public markets, its financials raise some concerns. The insurtech startup slipped into the red in the fiscal year ended March 2025 (FY25) on lower EBITDA margin and higher ad spending. The company reported a net loss of Rs 47.49 crore in FY25 as against a profit of Rs 85.71 crore a year earlier.
The dip in the bottom line came despite strong revenue growth. The company’s revenue from operations jumped over 73% to Rs 1,290.75 crore during the year under review from Rs 743.61 crore in FY24.
The insurtech company reported an EBITDA loss of Rs 32 crore in FY25 as against an EBITDA profit of Rs 92 crore in the previous year. As a result, EBITDA margin slid to -2.5% from 12% a year ago.
Increase in expenses outpaced growth in revenue for the company overall. InsuranceDekho’s total expenditure stood at Rs 1,352 crore during the fiscal 2024-25, marking a 93% jump from Rs 699 crore spent last year. In this, advertising promotional expenses grew 170% year-on-year (YoY) to Rs 259 crore, while IT expenses more than doubled to Rs 35.18 crore.
Unanswered Questions
MediaNama has sought comments from InsuranceDekho on the following questions:
- Is the fundraiser part of the broader corporate restructuring at the CarDekho, where two of its group entities and RenewBuy will be merged and ultimately be housed in Artivatic Data Labs?
- InsuranceDekho co-founder and CEO Ankit Agrawal said last year that the company was eyeing a public listing in FY27. Does this timeline remain unaffected, or have the IPO plans been further delayed?
- Internally, what percentage of all insurance workflows at InsuranceDekho are now powered by AI? Has the company seen any meaningful impact of AI in document checks, ticket tagging and fraud detection in the last year or so?
- How many customer queries or the percentage of customer queries are now handled by AI-powered bots? What has been the impact of AI adoption on the company’s headcount in the last year?
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Note: We will update the copy as and when we receive a response from InsuranceDekho.
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