Insurance technology platform InsuranceDekho has acqui-hired Mumbai-based Verak. Backed by the likes of Sequoia India and Lightspeed Ventures, Verak is an insurance distribution network firm for small and medium enterprises.
This move will help InsuranceDekho strengthen its small business insurance vertical while expanding offerings in the micro-business insurance space.
Commenting on this development, Ankit Agrawal, co-founder and CEO of InsuranceDekho said: “We are excited to welcome the Verak team to the InsuranceDekho family. Their expertise in SME insurance will complement our deep distribution network in Bharat and our industry-best tech stack. This strategic move will enable us to consolidate our position in the SME insurance vertical and enhance our product offerings.”
Agrawal, in a LinkedIn post, also applauded Verak’s efforts and how it has built a solid foundation in this space.
Rahul Mathur, founder of Verak, highlighted that this acquisition will also strengthen their overall systems, among other things. “InsuranceDekho’s deep relationships with insurers and strong infrastructure will help us resolve the challenges that we faced during our formative years, such as commanding higher commissions from insurers, getting the right talent to hire, and API-based insurer integration,” he said.
In February, InsuranceDekho announced that it has raised $150 million in the largest-ever Series A funding round in this space. The fundraise, which was a mix of debt and equity, was led by global asset management firm, Goldman Sachs Asset Management and Gopal Srinivasan-led TVS Capital Funds. The round also saw the participation of various investors including Investcorp, Avataar Ventures and LeapFrog Investments.
The company was launched in 2016 by Agrawal and Ish Babbar. At present, it is offering about 380 insurance products across various categories like health, car, pet, life, and others by tying with about 46 insurance companies.
