Insurtech startup InsuranceDekho acquires Verak, says CEO Ankit Agrawal

The 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.

The leading Indian insurtech player will onboard the Verak team, including its founder Rahul Mathur, who has worked at Laka Insurance and Accenture in UK before launching his startup, media reports said.

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.

In February this year, the leading Indian insurtech player raised a whopping $150 million in a funding round consisting of a mix of equity and debt. This was a largest ever series A round by an Indian Insurtech company. Goldman Sachs Asset Management and TVS Capital Funds led the equity round. Investcorp, Avataar Ventures, and LeapFrog Investments also participated in the funding round.

Founded by Ankit Agrawal and Ish Babbar in 2016, InsuranceDekho is the insurance arm of the car-selling unicorn CarDekho. The insurtech startup has registered a significant premium growth since its inception. The startup aims to achieve annualized premium run rate of ₹3,500 crores by March 2023.

At present, the company’s footprint is in more than 1,300 towns covering 98% of pin codes in IndiaBy end of 2023, the insurtech player targets to have over 2 lakh insurance advisors active on its platform. The startup also aims to establishing 100% penetration in the country.