Insurtech startup InsuranceDekho has announced the acquisition of Verak, a Mumbai-based insurance company, in a move that is set to shake up the Indian insurance market.
InsuranceDekho, which was founded in 2017, has quickly established itself as a leader in the insurtech space in India. The company offers a wide range of insurance products and services, including health, motor, and travel insurance, through its online platform.
Verak, which was founded in 2018, has made a name for itself in the insurance industry with its innovative use of technology to offer personalized insurance solutions to customers. The company has a strong presence in Mumbai and other parts of Maharashtra.
The acquisition of Verak is a strategic move for InsuranceDekho as it seeks to expand its reach in the Indian market. With the addition of Verak’s expertise in personalized insurance solutions, InsuranceDekho will be able to offer an even wider range of products and services to its customers.
Commenting on the acquisition, InsuranceDekho’s co-founder, Ankit Agrawal, said: “We are delighted to welcome Verak to the InsuranceDekho family. This acquisition is a key step in our journey to become the leading insurtech platform in India. We are excited about the opportunities this acquisition will bring, both for our customers and for our business.”
The acquisition is expected to be completed in the coming months, subject to regulatory approvals. Once completed, Verak’s employees will join the InsuranceDekho team, bringing their expertise in personalized insurance solutions to the company.
With this acquisition, InsuranceDekho is poised to strengthen its position as a leading insurtech company in India, and to offer even more innovative insurance solutions to customers across the country.