InsuranceDekho acquires Mumbai-based Verak, boosting SME insurance distribution
- ByStartupStory | April 5, 2023
Ankit Agrawal, the founder and CEO of InsuranceDekho, announced the acquisition of Verak, a startup offering SME insurance distribution based in Mumbai. This comes after InsuranceDekho raised $150 million in a Series A round less than two months ago.
Agrawal posted on LinkedIn to share the development. “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,” he wrote.
Agrawal added, “With this acquisition, 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.”
With this acquisition, Agrawal intends to investigate how to broaden business operations and offer a variety of services to clients to further enhance their lives.
Rahul Mathur, the company’s founder and CEO, founded Verak less than a year ago as his second endeavour after deciding to shut down his insurtech startup BimaPe, which was a member of Y Combinator’s winter 2021 cohort. Up until that point, Lightspeed India, Titian Capital, iSeed, and Gemba Capital, among others, had led BimaPe’s $545,000 pre-seed round of funding.
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