In the icy depths of funding winter, where startups struggled to survive, InsuranceDekho emerged victorious, thanks to the strategic cover drive played by its founder, Ankit Agrawal. The situation was tough. Many startups struggled to get funding and the overall economic conditions became challenging. Yet, Agrawal, alongside his CFO Puneet Kumar and investor relations’ honcho Aman Batra, navigated the storm and orchestrated a funding tale that defied the odds.
The tale began in July 2022 when the venture capital landscape took a nosedive. Startups faced a brutal 67% dip in funding within a year. For InsuranceDekho, entering the market after four years of incubation by GirnarSoft seemed like a perilous decision. The market was shaky, funds were drying up and skeptics predicted a bleak future. But Agrawal, a resilient leader, faced the challenge head-on.
The startup’s idea to get $60 million hit unexpected problems. Deals that seemed sealed crumbled and the funding process lingered for months. Agrawal found himself juggling 15 funds, with only a handful showing genuine interest. The fear of the unknown loomed large and rumors of a delayed fund raise spread like wildfire. In January 2023, with documentation incomplete and regulatory approvals pending, the situation seemed dire.
However, amidst the uncertainty, Agrawal’s leadership shone through. Even though it took longer than expected, he stayed positive. Puneet Kumar told the team to be patient, saying these things take time and encouraged everyone to trust in the team’s abilities. Aiming higher than the initially planned $60 million, Aman Batra kept the team focused on a more substantial deal.
Even with difficulties, InsuranceDekho had good results, showing it was reliable. The startup posted profits in FY19 and by FY22 revenues were poised to touch ₹150 crores. The company didn’t lose too much money and it smartly got extra funds from banks when things were tough, showing it can adapt and stay strong.
Then, in February 2023, the tide turned. InsuranceDekho hit a colossal cover drive, securing $150 million in Series A funding—the largest early-stage funding in India’s history. Agrawal’s ability to attract heavyweight investors like Goldman Sachs Asset Management, TVS Capital Funds, Investcorp, Avataar Ventures and LeapFrog Investments spoke volumes.
