InsuranceDekho, India’s leading Insurtech, has acquihired Verak, a Mumbai-based SME insurance distribution firm. Verak, backed by Sequoia and Light Speed, has become a formidable name in the Indian SME insurance landscape in just 13 months of operations. This will strengthen InsuranceDekho’s SME insurance vertical and expand its offerings in the micro-business insurance space.
InsuranceDekho is on boarding the Verak team, including the founder Rahul Mathur, to tap into the untapped micro-business insurance space. Verak has has made deep inroads into the space, bringing thousands of small shopkeepers under the insurance umbrella and registering 30% MoM premium growth every month. Rahul has cross continental insurance exposure, having worked at Laka Insurance and Accenture in UK before embarking on his entrepreneurial journey back in India. There are an estimated 63Mn MSMEs in India, out of which 98% are micro enterprises, but their insurance penetration is just 5%.
With the Verak team onboard, InsuranceDekho will have a stronger foothold and is well-positioned to tap into the potential of this rapidly growing market. Rahul Mathur, Founder of Verak, added, “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.”
