InsuranceDekho has acquihired Verak, a Mumbai-based small and medium enterprise (SME) insurance distribution firm. Verak is backed by investors like Sequoia and LightSpeed. Thie development aims to strengthen InsuranceDekho's SME insurance vertical and expand its offerings in the micro-business insurance space.
InsuranceDekho will be onboarding the Verak team, including the founder Rahul Mathur. Through its partnership-led model, Verak has made inroads into the untapped micro-business insurance space, reportedly bringing thousands of small shopkeepers under the insurance umbrella for the first time and registering 30 per cent month-on-month (MoM) premium growth every month.
Previously, Mathur worked at Laka Insurance and Accenture in the UK before embarking on his entrepreneurial journey back in India.
"We are excited to welcome the Verak team to the InsuranceDekho family. Their expertise in SME insurance will complement our deep distribution network in Bharat and our industry-best tech stack. This strategic move will enable us to consolidate our position in the SME insurance vertical and enhance our product offerings," said Ankit Agrawal, co-founder and chief executive officer (CEO) of InsuranceDekho.
"We are thrilled to join InsuranceDekho. Our team has worked hard to build a strong brand in the SME insurance space, and we are confident that our combined efforts will take our offerings to the next level. InsuranceDekho's deep relationships with insurers and strong infrastructure will help us resolve the challenges that we faced during our formative years, such as commanding higher commissions from insurers, getting the right talent to hire, and API-based insurer integration," added Rahul Mathur, founder of Verak.