Ankit Agrawal, the founder, and CEO of InsuranceDekho, announced that his company had acquired Verak, a Mumbai-based SME insurance distribution startup.
InsuranceDekho’s founder and CEO took to LinkedIn to share the acquisition of Verak. “Since its inception, Verak has had a solid foundation and ventured into the untapped micro-business insurance scheme, bringing small shopkeepers under the insurance umbrella for the first time and registering 30 percent MoM premium growth every month,” Agrawal said.
“With this acqui-hire, InsuranceDekho will have a stronger foothold in this rapidly growing market and a stronger presence in the SME insurance vertical and micro-business insurance schemes,” Agrawal added.
According to media reports, the leading insurtech firm in India will join the Verak team, including its founder Rahul Mathur, who previously held positions at Laka Insurance and Accenture in the UK before launching his startup.
Speaking of Mathur, the InsuranceDekho CEO said, “Rahul holds a strong pedigree in the insurance sector, carrying work experience in the Indian and Global landscape. Both Ish and I are convinced of the sheet of passion he brings to the table.”
“Moving forward, we will explore ways to expand our business operations and provide a wide range of services to our customers to improve their life even further,” Agrawal added further.
The leading insurtech Indian company raised a remarkable $150 million in February of this year in a funding round that included a mix of debt and equity. This was an Indian insurtech company’s largest series A round ever. TVS Capital Funds and Goldman Sachs Asset Management jointly led the equity round. LeapFrog Investments, Investcorp, and Avataar Ventures also participated in the investment round.
In 2016, Ankit Agrawal and Ish Babbar founded InsuranceDekho, the insurance arm of car-selling unicorn CarDekho. The insurtech startup has seen a significant increase in premiums since its inception. By March 2023, the startup aims to achieve ₹3,500 crores in annualized premium run rate.
Currently, the company is in more than 1,300 towns, encompassing 98% of India’s pin codes. About 2 lakh insurance advisors should be engaged on the platform by the end of 2023, according to the insurtech player. Also, the startup’s objective is to achieve 100% penetration across the country.