InsuranceDekho, an Insurtech player, said it has raised $60 million in its ongoing Series-B funding round through a mix of equity and debt.India-focused Beams Fintech Fund led the round by injecting $10 million, while Japanese giant Mitsubishi UFJ Financial Group, Inc. (MUFG), the insurer BNP Paribas Cardif, through its Insurtech fund managed by European investment major Eurazeo and Yogesh Mahansaria Family Office have come on board as new investors.

InsuranceDekho’s existing investors, TVS Capital, Goldman Sachs Asset Management and Avataar Ventures, also invested, reenforcing their confidence in the company. In February, the company had raised $150 million in Series A funding.

The company said it would utilise the proceeds from this funding round to boost its marketing activities, further expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities, and for new initiatives.Sagar Agarvwal, Managing Partner, Beams Fintech Fund said, “The Insurance space in India is marred with low penetration, lack of trust, mis-selling, limited access and affordability. Within this complex space, we found InsuranceDekho, building a large platform not just solving the penetration problem but also fostering trust & providing peace of mind to millions in India.”

Ankit Agrawal, CEO and founder of InsuranceDekho said,” Our aim has always been to make insurance accessible and user-friendly for all Indians, and this funding will allow us to accelerate our efforts, reach more customers, and innovate further in the Insurtech space.”

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