IPO-Bound InsuranceDekho’s Cofounders Mull Move To Promoter Roles, Company Denies
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IPO-bound InsuranceDekho’s cofounders – CEO Ankit Agrawal and CTO Ish Babbar – are in talks to step down from their executive roles due to disagreement with board members about the strategic direction of the recently merged business, sources told Inc42.
With a potential IPO on the horizon, the founders are likely to move into promoter roles while professional management takes over the business, the sources added.
InsuranceDekho and the RenewBuy group announced the consolidation of their businesses earlier this month, with Agarwal steering the business into its next phase of growth as CEO. Babbar continues to helm the tech department of the startup.
The development was first reported by LiveMint.
However, InsuranceDekho denied that the cofounders were mulling an exit from their executive roles. “The cofounders 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,” a company spokesperson said.
InsuranceDekho is aiming to go public by March 2027. Its IPO is likely to be worth around ₹3,000-4,000 Cr, with the startup seeking a valuation of around ₹9,500 Cr.
The IPO is expected to comprise both a fresh issue of equity shares and an offer for sale (OFS) by existing investors. The fresh issue would likely constitute a larger portion of the IPO size, though the structure will be finalised closer to the listing.
Delhi NCR-based InsuranceDekho was founded as the insurance arm of used car marketplace CarDekho in 2016 by Agrawal and Babbar. It was later hived off as a separate business.
The startup offers motor, health, life and other insurance products. It has also been granted a composite broking licence from the regulator, allowing it to offer reinsurance services. Besides, it operates Heph, a SaaS platform for insurance distributors.
To date, it has raised $430 Mn to date from the likes of Avataar Venture Partners, TVS Capital Funds, Goldman Sachs, Mitsubishi UFJ Financial Group (MUFG) and insurer BNP Paribas Cardif.
InsuranceDekho recently announced the completion of its merger with rival insurance distributor RenewBuy after the CCI gave the green light to the deal last November.
The combined entity, operating under InsuranceDekho’s brand, is being led by Agrawal with RenewBuy’s founders remaining on board. It now claims to be India’s largest AI-enabled insurance distribution platform in terms of the insurance premium generated through POSPs in FY26.
The combined entity now operates as an open, multi-insurer ecosystem — enabling choice across motor, health, life and commercial insurance, backed by integrated digital onboarding, policy issuance and AI-powered advisory.
In a statement on September 1, the startup said that the founders of both InsuranceDekho and RenewBuy will continue in the merged organisation, “ensuring continuity in leadership, execution and long-term strategy”.
Post the merger, InsuranceDekho claims its premium book is worth over ₹6,600 Cr and it offers more than 750 insurance products through partnerships with 52 insurers.
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