Insurtech platform InsuranceDekho hires Verak
Verak, a Mumbai-based insurance technology platform, has been acquired by InsuranceDekho. Verak is a small and medium-sized business insurance distribution network backed by Sequoia India and Lightspeed Ventures.
This acquisition will assist InsuranceDekho in strengthening its small business insurance vertical while also expanding its offerings in the micro-business insurance space.
Ankit Agrawal, co-founder and CEO of InsuranceDekho, commented on this development: “We are thrilled to have the Verak team as part of the InsuranceDekho family. Their knowledge of SME insurance will complement our extensive distribution network in Bharat and our industry-leading technology stack. This strategic move will allow us to strengthen our position in the SME insurance market and expand our product offerings.”
Agrawal praised Verak’s efforts and how it has laid a solid foundation in this space in a LinkedIn post.
Verak founder Rahul Mathur stated that this acquisition will strengthen their overall systems, among other things. “InsuranceDekho’s deep relationships with insurers and strong infrastructure will help us resolve the challenges we faced in our early days, such as commanding higher commissions from insurers, hiring the right talent, and API-based insurer integration,” he said.
In February, InsuranceDekho declared that it has lifted $150 million in the largest-ever Series A funding round in this space. The debt and equity fundraise was led by global asset management firm Goldman Sachs Asset Management and Gopal Srinivasan-led TVS Capital Funds. Investcorp, Avataar Ventures, and LeapFrog Investments were among the other investors in the round.
Agrawal and Ish Babbar founded the company in 2016. It currently offers approximately 380 insurance products in various categories such as health, car, pet, life, and others through partnerships with approximately 46 insurance companies.