InsuranceDekho Raises $36.5 Million From Goldman Sachs' Investment Arm: Report

Updated on: 6 January 2023 11:11 pm

The department would want to seek more funds from the finance ministry under the scheme once it is exhausted by 2025

DPIIT To Undertake Third Party Assessment Of Start-Up India Seed Fund Scheme Photo: The department would want to seek more funds from the finance ministry under the scheme once it is exhausted by 2025

InsuranceDekho–the insurance arm of Amit Jain-led Gurgaon-based start-up Cars24, has raised $36.5 ( Rs 300 crore) in a round led by Goldman Sachs' investment wing West Street Global, Entrackr reported.

The company led the round with an investment of Rs 153.5 crore. TVS capital also participated and infused Rs 72.35 crore. The rest of the money was invested by Investcorp Private Equity, Avataar Ventures, Alstroemeria Investments and individual investors like Vineet Dhingra, N Laxmi Narayan and Shridham Sons.

The administrative board passed a special resolution to issue 1,49,16,506 equity shares at a price of Rs 201.12 to grab the entire amount.

Follow our WhatsApp channel

With this latest development, West Street Global acquired a 14.71 per cent stake in the company. TVS Capital, Avaatar Ventures and Investcorp got 6.95 per cent, 2.69 per cent and 1.44 per cent respectively.

According to a Fintrackr estimate the company has achieved a $135 million (Rs 1,100 crore) post-allotment valuation. The company may bag more investment in the coming time also. It is reportedly in talks with investors to raise $150 million in a Series A funding round.

The company saw a 61 per cent spike in revenues to Rs 47.91 crore in the financial year ( FY) 2022 compared to Rs 29.71 crore in FY21. It also witnessed its losses surge by 56 per cent.