InsuranceDekho, the insurance arm of CarDekho, has acquired Sequoia and LightSpeed-backed SME insurance distribution company Verak. The deal comes just over a month after InsuranceDekho raised $150m in its Series A funding round, and will help the startup to expand its foothold in the SME insurance vertical and micro-business insurance schemes. Verak’s founder Rahul Mathur will join InsuranceDekho’s team as part of the acquisition. InsuranceDekho allows customers to compare policies provided by various insurance providers and purchase the most suitable plan. Its recent funding will be used to grow its MSME insurance business, scale up product and technology functions, expand to new markets, launch new innovative products in the health and life categories, and more. InsuranceDekho plans to use the funds to further develop and expand its MSME insurance business, as well as to invest in product and technology functions to enhance their offerings. They also plan to expand into new markets and launch innovative products in the health and life insurance categories.
Rahul Mathur, the founder of Verak, had previously founded BimaPe, a fintech startup that was backed by Y Combinator. However, in September 2021, Mathur announced the closure of BimaPe and revealed that he was launching Verak.