Verak, a Mumbai-based SME insurance distribution company, has been acquired by insurtech company InsuranceDekho. This will improve InsuranceDekho’s SME insurance division and broaden its selection of microbusiness insurance products.
Rahul Mathur, the founder of InsuranceDekho, will be merged with the Verak team, which is backed by Sequoia and LightSpeed. Recall that in September 2021, BimaPe, Mathur’s previous business, ceased operations and changed its name to Verak.
According to Verak, it offers coverage for a wide range of businesses, including shops, restaurants, godowns, factories, and kirana stores. 99% of the company’s clients are first-time business insurance buyers. By March 2027, it hopes to have insured 10 lakh companies.
The company InsuranceDekho, founded by Ankit Agrawal and Ish Babbar, claims to have direct integration with 46 insurance companies across India and offers more than 380 insurance products, including 175 products for health and life insurance. It works with the majority of insurance providers. The company further plans to grow its product offering in the near future.
From Rs 29.71 crore in FY21 to Rs 47.91 crore in FY22, InsuranceDekho’s revenue increased by 61%. The company’s sole source of income was insurance brokerage and commission. According to the company’s annual financial statement, losses increased by 55.6% last fiscal year to Rs 72.29 crore. CarDekho reported Rs 1,597 crore in revenue for the group in FY22. Only 3% of the total revenue came from InsuranceDekho.
