The underpenetration of insurance in India “causes huge problems”, said Stewart Langdon, partner and co-head of south Asian investments for LeapFrog Investments. “India is still a market where the protection gap [the difference between optimal insurance coverage and actual coverage] is around 80 percent”, Langdon told New Private Markets, speaking after his firm participated in a $150 million funding round for Indian insuretech company InsuranceDekho, “so many people don’t have health insurance”.

Founded in 2016, InsuranceDekho provides policies for businesses and individuals, and currently holds approximately $430 million in insurance premiums. The Series A financing, the largest by an Indian insuretech company, was led by Goldman Sachs Asset Management and TVS Capital Funds, with LeapFrog, Investcorp and Avataar Ventures also participating.

To measure impact, Langdon explained that the “headline number” will be the number of emerging consumers (ie. low-income consumers) that are covered by insurance policies –InsuranceDekho currently covers around 11 million. Langdon also confirmed that data relating to the quality of available tools and diversity of products will be reviewed quarterly, alongside financial data.

The GSAM investment came from West Street Global Growth Partners I fund, which closed on $5.2 billion earlier this month. The fund is GSAM’s “inaugural direct private markets fund dedicated to investing in high-growth businesses”, according to an announcement from the firm.

It is not the fund’s first investment in the Indian market. Other portfolio companies include customer engagement platform MoEngage; B2B ecommerce platform and tech-enabled last mile logistics firm ElasticRun; and food ordering and delivery company Swiggy.

Both GSAM and LeapFrog declined to comment on the valuation of InsuranceDekho for the purposes of the funding round, or how the much each investor contributed.