InsuranceDekho Strengthens Agent Network Through Second Acquisition In A Month

• ByStartupStory     |    April 20, 2023

InsuranceDekho has acquihired the entire team of IRSS, a firm that manages a network of insurance agents, including its founder Kuldeep Trivedi, to expand its distribution network and gain a foothold in the important insurance market of western India. With over 25 years of experience in insurance distribution, Trivedi will join the core leadership team of InsuranceDekho, and he and his team will help the insuretech startup onboard 200,000 partners and reach all pin codes in India by the end of this year.

Ankit Agrawal, the co-founder and CEO of InsuranceDekho, expressed excitement about welcoming Kuldeep Trivedi and his team to the InsuranceDekho family, saying they share the company’s vision of democratizing access to insurance and insuring every Indian. Trivedi, his team, and their partner network will help enhance InsuranceDekho’s reach and strengthen its proposition in Western India, Agrawal added. Meanwhile, Trivedi noted that with InsuranceDekho’s robust technology infrastructure, insurer relations, and product portfolio, they aim to increase their penetration in Western India and provide more value and convenience to their customers.

InsuranceDekho has made its second major move this month by bringing on board Verak, an SME insurance distribution company backed by Sequoia and LightSpeed. This move follows the startup’s recent acquihire of the entire team of IRSS, a firm managing a network of insurance agents. Founded in 2016 by Alok Bhatnagar, Ankit Agrawal, Ish Babar, and Sanjeev Gujral, InsuranceDekho has raised a total of $170 million in funding across three rounds since its inception.

During a Series A funding round in February, InsuranceDekho raised $150 million through a combination of equity and debt, with Goldman Sachs Asset Management and TVS Capital Funds leading the investment. In an interview with Inc42, Ankit Agrawal, the co-founder and CEO of InsuranceDekho, stated that the company’s goal is to achieve profitability by the next fiscal year.

According to Ankit Agrawal, CEO and co-founder of InsuranceDekho, the company’s operating revenue exceeded INR 100 crore ($12 million) in the year ending March 2022, representing a YoY growth of about 60%, while loss margins decreased by over 3 percentage points during the same period. The company aims to collect premiums at an annual run rate of INR 3,500 crore ($427 million) by March 2023. According to the economic survey of 2022-2023, India is poised to become one of the world’s top six insurance markets, surpassing Germany, Canada, Italy, and South Korea by 2032. The fintech industry in India is also expected to grow, with the market expected to reach $2.1 trillion by 2030, according to an Inc42 report.

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