In FY24, InsuranceDekho, the insurance arm of CarDekho, became profitable due to a significant increase in income
InsuranceDekho, founded in 2017 by Ankit Agrawal, Alok Bhatnagar, Ish Babar, and Sanjeev Gujral, offers over 380 products from 46 Indian insurance firms
The firm made a net profit of INR 85.7 Cr in FY24, compared to a loss of INR 51.6 Cr in FY23
Operating revenue increased by 670% to INR 743.6 Cr in FY24 from INR 96.5 Cr in the previous year
Insurance brokerage services generated 97% (INR 726.6 Cr) of operational revenue, with ancillary services accounting for the remaining INR 17 Cr
Total expenses increased by 360% to INR 699.2 Cr in FY24, from INR 151.9 Cr in the previous fiscal year
In FY23, InsuranceDekho spent INR 107.05 Cr on employee-related costs, up 21.7% year on year (YoY)
The startup raised $60 million in its Series B investment round in October last year and is reportedly in talks for an additional unknown amount
According to recent sources, InsuranceDekho is close to merging with RenewBuy, potentially valuing the united business at $1 billion