Owner of Insurtech Startup InsuranceDekho Is Said to Plan $250 Million India IPO

Girnar Insurance Brokers Pvt., which operates insurance tech startup InsuranceDekho, is weighing an initial public offering in Mumbai that could raise as much as $250 million, according to people familiar with the matter.

The Gurugram-based insurance aggregator has held recent discussions with investment banks about a potential listing and is expected to appoint advisers in the coming weeks, the people said, asking not to be identified because the information is private. The IPO is likely to include a mix of new share issuance and secondary sales by existing investors, and could take place later this year, they said.

A representative for InsuranceDekho didn’t respond to requests for comment.

India’s market for first-time share sales is off to a slow start in 2026, after two two consecutive years of record fundraising, as weakness in the stock market has undercut valuations. This week, listings by lender Aye Finance Ltd. and data analytics company Fractal Analytics Ltd. showed subdued demand, even after both issuers postponed and downsized their offerings.

Indian stocks have been pressured by slowing earnings growth, global trade uncertainty and patchy foreign inflows, even as sentiment improved following a recent trade pact with the US. The Nifty 50 index has declined more than 2% this year, compared with a gain of more than 11% in the MSCI Asia Pacific Index.

Founded in 2016 by Ankit Agrawal, Amit Jain and Ish Babar, InsuranceDekho operates an online platform that allows customers to compare and purchase insurance policies. The company has raised about $358 million from investors including TVS Capital Funds, Investcorp and BNP Paribas Cardif, according to data provider Tracxn.

Last year, InsuranceDekho and a smaller insurance tech startup RenewBuy announced a merger under Artivatic Data Labs. Competitors include Policybazaar and Turtlemint.

Photograph: The National Stock Exchange in Mumbai, India; photo credit: Dhiraj Singh/Bloomberg

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