InsuranceDekho acquires Verak to expand presence in SME insurance space

InsuranceDekho, a Gurugram-based insurtech company, has announced the acquisition of Verak, a Mumbai-based SME insurance distribution startup, in a move that will bolster the former's presence in the rapidly growing market and the SME insurance vertical. 

In a LinkedIn post, InsuranceDekho Founder and CEO Ankit Agrawal hailed Verak's solid foundation and its successful venture into the untapped micro-business insurance scheme, which has resulted in a 30% month-on-month premium growth. 

InsuranceDekho, which provides a platform for consumers to compare and purchase insurance policies across multiple categories, including health, bike, car, life, term, pet, and travel insurance, will now expand its portfolio in the SME insurance space.

The acquisition comes just two months after InsuranceDekho raised $150 million in a series A round, led by TVS Capital Funds and Goldman Sachs Asset Management, among others. The company has stated that it intends to use the funds to scale up its product and technology functions, expand into new markets, pursue inorganic growth, strengthen its leadership team, launch new innovative products in the health and life categories, and grow its MSME insurance business.

Praising Verak founder Rahul Mathur, Ankit said in his post that he has a strong pedigree in the insurance sector, with work experience in the Indian and global landscape. 

Founded in 2016 by Ankit Agrawal and Ish Babbar as part of auto tech platform CarDekho Group, InsuranceDekho allows consumers to compare different insurance policies based on their requirements and buy the most suitable plan for life, property and casualty insurance. Its holding entity GIBPL was granted the Direct Insurance Broker license by IRDAI in 2017.