Latest news with #Rs6bn
Yahoo
07-03-2025
- Business
- Yahoo
Indian insurtech start-up InsuranceDekho lands $70m investment
Indian insurtech start-up InsuranceDekho has secured $70m (Rs6.09bn) in a funding round to steer expansion. The capital injection will be used to bolster the company's technology-driven services, expand its market reach and solidify its position in the insurance sector. The funding round was jointly led by Japanese conglomerate Mitsubishi UFJ Financial Group (MUFG), insurer BNP Paribas Cardif and Beams Fintech Fund, a private equity fund, the Economic Times reported. All three of the investors were part of the company's Series B round in October 2023, which raised $60m. InsuranceDekho's founder and CEO Ankit Agrawal told the news publication that the company is currently in talks to raise an additional $15–20m, and anticipates the participation of a new external investor in this round. Agrawal added: 'The fact that in this market, we have been able to raise around Rs6bn, backed by existing investors at a slight premium to the last round, shows the validation people have in our business.' Since its inception in 2017, InsuranceDekho has utilised AI technology and an agent-led model to make insurance more accessible. In January 2023, the company garnered $150m in a mix of equity and debt from a financing round led by Goldman Sachs Asset Management and TVS Capital Funds. InsuranceDekho employs a point-of-sale person model, with a network of 220,000 partners offering more than 720 insurance products spanning motor, health, life, and corporate sectors. With a licence from the Insurance Regulatory and Development Authority of India to function as a direct insurance broker, InsuranceDekho has forged partnerships with 49 insurance providers. Looking ahead, Agrawal has set his sights on taking InsuranceDekho public within 15–18 months. Commenting on the investment, Beams Fintech Fund founder and partner Sagar Agarvwal said: 'We have been strong believers of InsuranceDekho's vision since our initial investment. Their phenomenal growth, robust distribution network and relentless focus on technology-driven accessibility make them a clear industry force.' In October last year, reports surfaced that InsuranceDekho is planning to acquire its competitor RenewBuy. "Indian insurtech start-up InsuranceDekho lands $70m investment" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
04-03-2025
- Automotive
- Yahoo
India's Jupiter Wagons wins contract to supply wheelsets for Braithwaite & Co
Jupiter Wagons' specialised wheelset manufacturing arm Jupiter Tatravagonka Railwheel Factory has secured a contract worth Rs2.55bn ($29.1m) from Braithwaite & Co for the supply of 9,140 wheelsets. The contract elevates Jupiter's total order book to Rs5.6bn ($64m). Jupiter Wagons managing director Vivek Lohia said: 'This order from Braithwaite & Co. underscores the trust in Jupiter Tatravagonka Railwheel Factory's manufacturing excellence and our ability to meet the evolving demands of India's railway sector. 'With the rapid expansion of freight and passenger rail networks, there is a critical need for reliable, high-performance wheelsets produced domestically at scale. 'Our Odisha facility will be a game-changer in this space, ensuring India's self-sufficiency in wheelset manufacturing while also positioning us as a global supplier.' Jupiter Wagons is a provider of mobility solutions, offering a wide range of products, including freight wagons, locomotives, commercial vehicles, and ISO marine containers. The company operates manufacturing facilities in Kolkata, Jamshedpur, Indore, Jabalpur, and Aurangabad, with complete backward integration to its foundry operations. Jupiter Wagons' strategic plans include a revenue target of Rs6bn ($68.5bn) crore from its wheel business by the financial year 2026, nearly doubling its current figures. To realise this ambition, Jupiter is undergoing a major expansion, with a new facility in Odisha set to increase annual capacity from 20,000 to 100,000 forged wheelsets. This expansion, supported by a Rs25bn ($285.5m) crore investment, aligns with national goals to strengthen domestic manufacturing and curb import dependency. The Odisha project is on track, with axle production slated to commence by December 2026 and the full wheel and axle production unit expected to be operational by December 2027. This development is a strategic move to enhance India's rail manufacturing capabilities and reduce the country's reliance on imported railway components. "India's Jupiter Wagons wins contract to supply wheelsets for Braithwaite & Co" was originally created and published by Railway Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
