New Delhi InsuranceDekho founder and CEO Ankit Agarwal on Tuesday said that the leading Indian insurtech startup has acquired Verac, a Mumbai-based SME insurance distribution company.
InsuranceDekho’s founder and CEO took to LinkedIn to share the acquisition of Verac. Aggarwal said, “Since its inception, Verac had a solid foundation and forayed into the untapped micro-business insurance scheme, brought small shopkeepers under the insurance umbrella for the first time and registered 30 per cent MoM premium growth every month. “
“With this acquisition, InsuranceDekho will have a stronger foothold in this fast-growing market and a stronger presence in the SME insurance vertical and micro-business insurance plans,” Agarwal said.
Media reports say that prominent Indian insurtech players will join the Verac team, including its founder Rahul Mathur, who has worked at Laka Insurance and Accenture in the UK.
Talking about Mathur, CEO of InsuranceDekho said, “Rahul has a strong pedigree in the insurance sector with vast experience of working in the Indian and global scenario. Both Ish and I are in awe of the layer of passion he brings to the table.”
Agarwal further added, “Going forward, we will explore ways to expand our business operations and offer a wider range of services to our customers to make their lives even better.”
Leading Indian insurtech player in February this year Raised $150 million in a funding round The round is composed of a mix of equity and debt. This was the largest Series A round ever by an Indian insurtech company. Goldman Sachs Asset Management and TVS Capital Funds led the equity round. Investcorp, Avatar Ventures and LeapFrog Investments also participated in the funding round.
Founded in 2016 by Ankit Agarwal and Ish Babbar, InsuranceDekho is the insurance arm of car selling unicorn CarDekho. The insuretech startup has registered a significant premium growth since its inception. Startup aims to achieve premium run rate annually 3,500 crore by March 2023.
Currently, the company’s footprint is in over 1,300 cities covering 98% pin codes in India. The startup also aims to establish 100% penetration in the country.
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