InsuranceDekho, a division of CarDekho, has raised Rs 300 crore ($36.5 million) in its first external investment round led by West Street Global, the investment arm of the Goldman Sachs Group.

According to RoC filings with the Registrar of Companies, the board of directors of the Gurugram-based company has passed a special resolution to issue 1,49,16,506 equity shares at a price of Rs 201.12 each in order to raise Rs 300 crore.

West Sreet Global, which owns 14.71 percent of InsuranceDekho, led the round with Rs 153.5 crore. The TVS Capital Fund contributed Rs 72.35 crore for a 6.95 percent stake.

Other investors, including Investcorp Private Equity, Avataar Ventures, Alstroemeria Investments, and individuals such as Vineet Dhingra, N Laxmi Narayan, Shridham Sons, and others, contributed Rs 74.15 crore in total.

CarDekho launched its insurance platform in 2019 to assist customers in purchasing auto and health insurance. It has since grown to include life, term, and retirement plans, as well as other types of insurance. The insurtech startup received $20 million in funding from its parent company GirnarSoft the following year, which it stated it would use for branding and strengthening its tech, product, and sales teams.

CarDekho, the autotech unicorn, reported a loss of Rs 246 crore for the fiscal year 2022, down from a loss of Rs 341 crore the previous year. The company stated that it hopes to turn a profit by FY24. CarDekho previously stated that it hoped to achieve EBITDA profitability by 2023.

According to the company, consolidated revenue from operations increased nearly twofold to Rs 1,598 crore in FY22 from Rs 884 crore the previous year. CarDekho is also getting ready to begin its listing journey. According to media reports, this is likely to occur in early 2023.

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