Insurtech startup InsuranceDekho plans to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the end of September, aiming for a valuation of around ₹9,500 crore ($986 million), according to inc42.com. The initial public offering (IPO) is expected to include both a fresh issue of shares and an offer for sale by existing investors, with the fresh issue likely forming the larger portion.
The company is unlikely to raise a pre-IPO funding round, and the final structure of the IPO will be decided closer to the listing date, inc42.com reported. InsuranceDekho is currently progressing with its merger with rival insurance distributor RenewBuy, which is expected to take another three to four quarters to complete. The Competition Commission of India cleared the merger in November last year, and the Insurance Regulatory and Development Authority of India gave in-principle approval in March. The next step involves seeking permission from the National Company Law Tribunal.
The planned public listing aligns with InsuranceDekho’s target to list by March 2027, with a proposed IPO size of ₹3,000-4,000 crore, as reported earlier by inc42.com. The merger with RenewBuy is significant in the insurtech sector, potentially creating a larger combined entity to compete more effectively in the insurance distribution market. The integration of these two startups reflects ongoing consolidation trends in the sector, which has seen increased investor interest and competition.
InsuranceDekho was founded in 2016 by Ankit Agrawal and Ish Babbar and is based in Gurugram. The company’s next major milestone will be filing the DRHP with SEBI by the end of September, setting the stage for its IPO and further growth in the Indian insurtech market.