InsuranceDekho demonstrated remarkable financial growth in FY24, achieving profitability while scaling its revenue significantly. The company reported a revenue surge of 7.7 times, reaching ₹743.6 crore in FY24, compared to ₹96.5 crore in FY23. For the fiscal year ending March 2024, InsuranceDekho posted a profit of ₹86 crore, a major turnaround from the ₹51 crore loss recorded in FY23.
Primarily focused on motor, health, travel, and pet insurance, along with investment plans like ULIPs and retirement schemes, the Gurugram-based firm generated ₹726.61 crore (97.7% of its operating revenue) through insurance brokerage. Ancillary services contributed ₹17 crore, while non-operating sources, including software sales and interest income, added another ₹41.3 crore, pushing its total income to ₹785 crore in FY24.
On the expenditure side, point-of-sales charges emerged as the most significant cost driver, soaring 36 times to ₹301 crore from ₹8.3 crore in FY23. Employee benefit expenses increased by 21.7%, reaching ₹130.26 crore, while manpower management costs surged to ₹35 crore—a 53X increase. Advertising and finance costs collectively amounted to ₹98 crore, contributing to total expenses of ₹699.21 crore, a 4.6X rise from FY23.
The company’s operational efficiency improved notably, with its ROCE reaching 16.5% and EBITDA margin hitting 11.73%. InsuranceDekho spent only ₹0.94 to earn each rupee of operating revenue in FY24, showcasing its profitability-focused approach.
In October 2023, the CarDekho-incubated company raised $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group. The firm is reportedly in talks to merge with RenewBuy, a strategic move aimed at strengthening its position against competitors like PolicyBazaar.
Although PB Fintech, the parent company of Policybazaar, closed FY24 with ₹3,500 crore in revenue, InsuranceDekho’s rapid growth and profitability stand out. As the market for insurance aggregation consolidates, InsuranceDekho’s momentum positions it as a formidable competitor, potentially paving the way for an IPO in the near future.