Goldman Sachs and TVS Capital-backed InsuranceDekho hopes to break even in this fiscal as it scales up its operations.

The insurtech firm, co-founded by city-based Ankit Agrawal, has raised $150 million in series A funding in February and acquired Verak, a Mumbai-based SME insurance distribution firm which is backed by Sequoia and LightSpeed, in April.

“The business is growing fast, and we are on track to deliver Rs 3,500-3,800 crore premium in 2023-24. We also hope to be profitable this year,” Agrawal, CEO of InsuranceDekho, said.

The company plans to focus on the agency channel in a bid to tap into the under-penetrated insurance markets. “Around 95 per cent of the business today is coming from agents. Currently, we have 1 lakh agents and the plan is to double the number in 12 months,” he said.

“Insurance is largely under penetrated in India and the market is growing at around 15-20 per cent. We are exploring how to go deeper into Bharat and facilitate the purchase of policies. We are also providing our input to the insurance companies, and they can create and file customised products for policyholders,” he said, adding that the decision by the Insurance Regulatory and Development Authority in India (IRDAI) to allow the use and file of insurance products is a positive regulatory change.

Even as the company is scaling up, a public offer is still a few years away, Agrawal said.

“As an organisation, we need to focus more on building a long-term business, generate profits on a sustainable
basis and build strong corporate governance and then think about going public,” he said.

InsuranceDekho plans to open a 100-seater office in Calcutta during the festive season.

The company was incubated within India’s leading auto-tech unicorn – CarDekho group.

The InsuranceDekho brand name is owned by Girnar Insurance Brokers Pvt Ltd, which was incorporated in 2016 and was granted a licence to act as a direct insurance broker by the IRDAI in 2017.