Insurtech startup InsuranceDekho has taken a major step towards better serving their customers with the acquisition of Lightspeed-backed Verak. Verak, a Mumbai-based SME insurance distribution startup, received a $150 million Series A round for InsuranceDekho just two months ago. The acquisition was made public by the Founder and CEO of InsuranceDekho, Ankit Agrawal, via LinkedIn.
Since its inception, Verak has been successful in providing small shopkeepers with micro-business insurance schemes. From doing this, they have seen more and more premium growth every month. Agrawal shared that with this acquisition, they will have a stronger foothold in the rapidly growing market and an even more powerful presence in the SME insurance vertical.
This move will help InsuranceDekho provide even better services to customers and reach a much wider market than before. As an added bonus, the company is able to draw on the expertise of Verak’s founder and CEO Rahul Mathur. With experience in both Indian and global markets, Mathur is expected to help further strengthen InsuranceDekho’s reach and insure as many people and businesses as possible.
Founded in 2018, InsuranceDekho is a technology-focused insurance platform that offers a broad selection of life, health, and motor insurances. The company recently received a $150 million Series A round led by Goldman Sachs Asset Management and TVS Capital Funds. With this notable move came the mission to take their services to 300-400 more cities, advance their technology stack, and increase brand recognition.
About Rahul Mathur
Rahul Mathur, the founder and CEO of Verak, has extensive knowledge and experience in the field of insurance. He previously ran BimaPe, another insurtech startup, as part of Y Combinator’s winter 2021 cohort. During his short stint with the company, BimaPe managed to raise $545,000 in a pre-seed round backed by Lightspeed India, Titian Capital, iSeed, and Gemba Capital. Mathur shared that in September 2021, he would be retiring BimaPe and embarking on a new journey with Verak.
Both Agrawal and Mathur believe in the importance of offering quality insurance services to a larger number of people and businesses. Thus, this acquisition is beneficial for both as it allows them to fulfill their shared vision. This move is also beneficial for customers, who now have access to a host of services and insurance products that could potentially make their life much easier.