A person aware of the transaction said the investment valued the company, the insurance unit of used-car platform CarDekho, at around $600 million.
While a large part of the funding round is equity, a small portion has been raised via debt, the company said. InsuranceDekho’s existing investors, TVS Capital, Goldman Sachs Asset Management and Avataar Ventures, also invested in the latest funding round.
The funding will be used to beef up tech capabilities, enhance marketing efforts finance new initiatives like reinsurance, and pursue inorganic growth plans.
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