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InsuranceDekho Acquires Sequoia-Backed Verak
InsuranceDekho, a leading Indian insurtech startup, has announced its ‘acquihire’ of Mumbai-based SME insurance distribution firm Verak. The acquisition, which was revealed by InsuranceDekho’s CEO Ankit Agrawal on LinkedIn, will strengthen the company’s foothold in the rapidly growing SME insurance vertical and micro-business insurance schemes. Verak, which has become a major player in the Indian SME insurance landscape within just 13 months, has registered a 30% month-on-month premium growth every month.
In his LinkedIn post, Ankit Agrawal, CEO of InsuranceDekho said, “With this acqui-hire, InsuranceDekho will have a stronger foothold in this rapidly growing market and a stronger presence in the SME insurance vertical and micro-business insurance schemes.” He also praised Verak’s founder, Rahul Mathur, stating, “Rahul holds a strong pedigree in the insurance sector, carrying work experience in the Indian and Global landscape. Both Ish and I are convinced of the sheet of passion he brings to the table.”
The Verak team, including Rahul Mathur, Founder and CEO of Verak, will join InsuranceDekho as part of the deal. Mathur, who has previously worked at Laka Insurance and Accenture in the UK, is praised by Agrawal for his strong pedigree in the insurance sector and the passion he brings to the table. Agrawal believes that Verak’s expertise in SME insurance will complement InsuranceDekho’s deep distribution network and industry-best tech stack, leading to an enhanced product offering for their customers.
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