InsuranceDekho posted a net profit of INR 85.7 Cr in FY24 compared to a loss of INR 51.6 Cr in FY23
The insurtech startup’s operating revenue soared 670% to INR 743.6 Cr in the fiscal ended March 2024 from INR 96.5 Cr in FY23
InsuranceDekho is said to be close to finalising a deal to merge operations with RenewBuy, which could peg the consolidated entity at $1 Bn
Auto marketplace CarDekho’s insurance arm InsuranceDekho
turned profitable in the financial year 2023-24 (FY24) on the back of a multifold jump in revenue. The startup reported a net profit of INR 85.7 Cr during the fiscal year under review compared to a loss of INR 51.6 Cr in FY23.
Operating revenue zoomed 670% to INR 743.6 Cr in FY24 from INR 96.5 Cr in the previous year.
As much as 97%, or INR 726.6 Cr, of the operating revenue came from offering insurance brokerage services, while ancillary services contributed the remaining INR 17 Cr to InsuranceDekho’s top line.
Founded in 2017 by Ankit Agrawal, Alok Bhatnagar, Ish Babar, and Sanjeev Gujral, InsuranceDekho is an insurance aggregator that claims to offer more than 380 products from 46 insurance companies in India. It claims to have more than 60 Lakh customers and have a presence across 1,500 towns in the country.
The insurtech startup raised $60 Mn in its Series B funding round in October last year and is said to be in talks to raise another undisclosed funding round.
As per recent reports, InsuranceDekho is close to finalising a deal to merge operations with RenewBuy, which could peg the consolidated entity at $1 Bn. While RenewBuy is expected to be valued at around INR 3,000 Cr, InsuranceDekho will likely be pegged north of INR 5,000 Cr as part of the deal.
Where Did InsuranceDekho Spend In FY24?
In line with its top line, InsuranceDekho’s expenses also rose during the year under review. However, the rise in revenue outpaced the increase in expenses. Total expenses zoomed 360% to INR 699.2 Cr in FY24 from INR 151.9 Cr in the precious fiscal year.
Employee Benefit Expenses: InsuranceDekho spent INR 130.3 Cr towards employee-related costs during the fiscal under review compared to INR 107.05 Cr in FY23, up 21.7% year-on-year (YoY).
Point Of Sales Charges: The expenditure under this bucket jumped 3,529% to INR 301.2 Cr during the fiscal year under review from INR 8.3 Cr in FY23.
Advertisement Costs: It spent INR 95.82 Cr under the head, up 466% from INR 16.95 Cr in FY23.
Information Technology Expenses: The spending under this head rose 704% to INR 16.1 Cr in FY24 from INR 1.99 Cr in the year-ago period.
InsuranceDekho, which counts TVS Capital Funds, Goldman Sachs Asset Management, and Investocorp among its investors, competes with the likes of Go Digit Insurance, PolicyBazaar, among others.
By Inc42 Media
Source: Inc42 Media