InsuranceDekho co-founders consider stepping down ahead of IPO
What's the story
InsuranceDekho's co-founders, Ankit Agrawal and Ish Babbar, are reportedly considering stepping down from their roles in the IPO-bound company. The decision comes amid strategic disagreements with the board. "There have been some mediations happening to retain the founders in some capacity over the last month," Mint reported citing a source familiar with the details. The mediation efforts are part of a larger strategy to transition the business toward professional management.
Funding details
Focus on pre-IPO funding round
The focus is now on a pre-IPO funding round of ₹100-150 crore. It will be at the same valuation as the last round.
High net worth individuals, ultra-high net worth individuals, and family offices are being approached for this funding.
This development comes after InsuranceDekho's major merger with RenewBuy and ahead of its public listing in the next year.
Company statement
Claims 'entirely baseless': InsuranceDekho spokesperson
Responding to the speculation about their departure, an InsuranceDekho spokesperson said, "These claims are entirely baseless."
The spokesperson said, "The co-founders remain actively involved with InsuranceDekho and continue to lead the company's strategy and growth alongside the broader leadership team. There has been no change in their roles or their commitment to the company."
Business expansion
About InsuranceDekho and recent merger with RenewBuy
Founded in 2017, InsuranceDekho has a stronghold in tier-II cities and beyond, contributing to 82% of its premium.
The company serves over six million customers through direct integration with 46 insurance companies in India.
It offers over 380 insurance products, including health and life cover options.
The company recently merged with RenewBuy to create a pan-India insurance distribution ecosystem.