Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit

Insurtech Startup InsuranceDekho Buys Lightspeed-Backed Verak

InsuranceDekho acquihires Lightspeed-backed Verak.

Ankit Agrawal, founder and CEO of InsuranceDekho, announced that the insurtech startup had acquired Verak, a Mumbai-based SME insurance distribution startup. This comes less than two months after InsuranceDekho raised $150 million in Series A funding.

Agrawal shared the development on LinkedIn. “Since inception, Verak has built on solid foundations and ventured into untapped micro-business insurance plans, including small shop owners for the first time, with monthly premiums increasing 30% sequentially,” he wrote.

Agrawal added: “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 schemes.”

Through this acquisition, Agrawal plans to explore ways to expand its business operations and provide customers with a wide range of services to improve their lives further.

Founded less than a year ago, Verak is the second venture after founder and CEO Rahul Mathur shuttered his insurtech startup BimaPe, which was part of Y Combinator’s winter 2021 cohort. Before this, BimaPe had raised $545,000 in pre-seed funding led by Lightspeed India, Titian Capital, iSeed and Gemba Capital, among others.

Mathur announced the name change and closure of his previous platform, BimaPe, on Twitter in September 2021.

In February, InsuranceDekho raised about $150 million in a combination of equity and debt in a Series A round led by Goldman Sachs Asset Management and TVS Capital Funds. After the round, the startup is valued at $45-500 million, according to media reports.

Get Daily Prediction & Stocks Tips On Your Mobile