InsuranceDekho Plans DRHP Filing By End of September

Insurtech startup InsuranceDekho is preparing to submit its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) by the end of September, according to reports citing sources. The company is reportedly targeting a valuation of approximately ₹9,500 crore (around $986 million) for its public offering.

The proposed public issue is expected to include both a fresh issuance of shares and an offer for sale (OFS) by existing investors. The fresh issue is anticipated to constitute the larger portion of the offering, although the final structure will be determined closer to the listing date. The company is unlikely to raise additional pre-IPO funding, reports indicate.

The planned listing comes as InsuranceDekho continues its integration with rival insurance distributor RenewBuy. This merger is expected to conclude within the next three to four quarters, aligning with the startup's target of listing by March 2027. The merger received clearance from the Competition Commission of India (CCI) in November last year and in-principle approval from the IRDAI in March.

Founded in 2016, InsuranceDekho operates as a platform for comparing and purchasing various insurance products, including motor, health, and life insurance. The company has raised a total of $430 million to date from investors such as Avataar Venture Partners, TVS Capital Funds, Goldman Sachs, and Investcorp. InsuranceDekho joins a growing list of new-age technology companies preparing for public market debuts.