Page 16 - Insurance Times December 2023

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$60 m is raised in Series B India has defied the Asian
Aviva Life faces search
by InsuranceDekho. trend by valuing life
by GST authorities
Leading insurtech business in India, insurers more highly:
Indian tax inspectors recently
InsuranceDekho, has achieved a
raided the Aviva Life in New Delhi noteworthy milestone with the $60 Report
and took records as part of their million it has raised in its current Series According to a McKinsey analysis, life
probe into possible tax cheating. insurers in India have been valued
B fundraising round. The company has
According to two of the three drawn new high-profile investors to its higher than those in other Asian
sources-who wished to remain capital table and reinforced the trust nations like China, Japan, and Taiwan,
anonymous due to the sensitive of current investors with its most making the Indian life insurance market
nature of the subject-officials from recent capital infusion, which is a a bright spot in the region.
India's Directorate General of GST combination of debt and equity. Between 2012 and 2022, the valuation
(Goods and Services Tax) The Gurugram-based business has of life insurers in the region decreased
Intelligence also confiscated raised a total of $200 million in funding and eventually converged with that of
laptops and questioned a number through this, its second fundraising insurers worldwide. In markets like
of officials, including CEO Asit Rath round of 2023, further solidifying its Taiwan and Japan, population declines
and Chief Financial Officer Sonali standing as the top Indian insurtech. and slower growth were the main
Athalye, during their visit on The insurer BNP Paribas Cardif, the causes of this. The slowdown in China's
November 7. Japanese behemoth Mitsubishi UFJ economy has an adverse effect on
Aviva Life Insurance, India Financial Group, the Beams Fintech valuations as well. However, the Indian
provided Reuters with a Fund, which focuses on India, and market's higher values have been
statement that said, "We can Yogesh Mahansaria Family Office have backed by robust underlying factors
confirm that GST officials visited all joined as new investors through and healthy growth momentum.
our head office site, and we are in their insurtech fund, which is overseen South East Asian countries are in the
full cooperation with them." It did by European investing powerhouse middle; growth, which halted during
not provide any more information Eurazeo. the Covid19 pandemic, is gradually
and remained silent on the Avataar Ventures, TVS Capital, and picking up again, though at varying
questioning of its executives. Goldman Sachs Asset Management, rates. This illustrates the difficult
A request for comments via email three of InsuranceDekho's current situation life insurers face in an area
where investor perception and market
was not immediately answered by investors, increased their investment in mood are strongly entwined with
the finance ministry of India, the business. The biggest Series A capital technological, economic, and
which is in charge of the GST round raised by an Insurtech in South regulatory factors.
Asia, totaling $150 million, was obtained
department.
by InsuranceDekho in February. In developed and growing nations,
The Insurance Times December 2023 15