InsuranceDekho has acquihired IRSS, a firm that manages a network of insurance agents, to strengthen its distribution network in western India. With more than 25 years of experience in insurance distribution, Kuldeep Trivedi, the founder of IRSS, and his team will join the core leadership team of InsuranceDekho. They aim to help the insuretech startup onboard 2 Lakh partners and reach every pin code in India by the end of this year. This move follows InsuranceDekho’s acquisition of Verak, a Sequoia and LightSpeed-backed SME insurance distribution company, earlier this month. According to the CEO of InsuranceDekho, the company aims to break even by the next financial year and is expecting to hit the premiums collection at an annual run rate of INR 3,500 Cr (~$427 Mn) in the year ending March 2023.
“The company’s operating revenue for the year ended March 2022 grew ~60% YoY to over INR 100 Cr (~$12 Mn). We have also managed to reduce our loss margin by more than 3 percentage points in the period. We are expecting to hit the premiums collection at an annual run rate of INR 3,500 Cr (~$427 Mn) in the year ending March 2023,” the CEO had said. According to the CEO of InsuranceDekho, the company’s operating revenue for the year ended March 2022 grew by approximately 60% year on year to over INR 100 crore, which is around $12 million. During the same period, the company reduced its loss margin by more than 3 percentage points. The CEO also mentioned that they are expecting to hit the premiums collection at an annual run rate of INR 3,500 crore, which is approximately $427 million, by the year ending March 2023.