Insurtech startup InsuranceDekho is planning to file its DRHP with SEBI by the end of September.
The startup is eyeing a valuation of around ₹9,500 Cr (around $986 Mn), ET reported, citing sources. The public issue is expected to comprise both a fresh issue of shares and an offer for sale (OFS) by existing investors, with the fresh issue likely to account for the larger portion. However, the final structure will be decided closer to the listing, the report said.
It added that InsuranceDekho is unlikely to raise a pre-IPO funding round.
Questions sent to InsuranceDekho remained unanswered at the time of publication. The story will be updated upon receiving a response.
Last week, Inc42 reported that the startup was looking to list on public exchanges by March 2027 with a proposed IPO size of ₹3,000-4,000 Cr.
Merger With RenewBuy Progresses Ahead Of Listing
The planned public listing comes as InsuranceDekho continues to integrate with rival insurance distributor RenewBuy. The merger is expected to take another three to four quarters to complete, broadly aligning with the startup’s target of listing by March 2027.
The CCI cleared the merger proposal in November last year. The two entities also received in-principle approval from the Insurance Regulatory and Development Authority of India (IRDAI) in March, and are now expected to seek permission from the National Company Law Tribunal (NCLT) in the near future.
Founded in 2016 by Ankit Agrawal and Ish Babbar, Gurugram-based InsuranceDekho enables customers to compare and purchase motor, health, life and other insurance products. Last year, it secured a composite broking licence and also launched HEP, a SaaS platform for insurance distributors.
InsuranceDekho was incubated as a wholly owned subsidiary of Girnar Software, which also operates classifieds platforms CarDekho, BikeDekho, ZigWheels and CollegeDekho, along with a host of fintech and mobility startups, including, Rupyy, Revv and Carrum.
The insurtech startup has raised $430 Mn to date from the likes of Avataar Venture Partners, TVS Capital Funds, Goldman Sachs, LeapFrog Investments and Investcorp, among others. It raised $70 Mn last year from Beams Fintech Fund, Mitsubishi UFJ Financial Group (MUFG) and insurer BNP Paribas Cardif, among others.
New-Age Tech IPO Pipeline Continues To Gather Pace
InsuranceDekho joins a growing list of new-age tech startups preparing for public market debuts after a slowdown in IPO activity in the first half of 2026. The likes of Zepto, Cult.fit, Fibe, PRISM and Razorpay have filed their DRHPs in recent months.
Separately, InsuranceDekho parent Girnar Software is also expected to file its own DRHP in the ongoing quarter for a proposed ₹3,000-3,500 Cr IPO at a valuation of ₹13,000-15,000 Cr. InsuranceDekho will continue to be held as an associate investment after Girnar’s listing.
In the insurtech space, InsuranceDekho competes with players such as Policybazaar, Acko Turtlemint, and GoDigit. It is pertinent to mention that shares of Turtlemint listed on the stock exchanges last month.
Acko is also looking to file its DRHP with SEBI through the confidential route to raise ₹2,500 Cr.
The post InsuranceDekho To File DRHP By September-End: Report appeared first on Inc42 Media.
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