Verak
Insure first insurance brokers llp offers insurance services to businesses.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor investor investor | €0.0 | round |
| N/A | €0.0 | round | |
* | N/A | Acquisition | |
| Total Funding | 000k | ||
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Verak Inc. was an insurtech firm established in October 2020 by co-founders Vishrut B, Eashan B, Rahul Mathur, Abraz M, and Kunal K. One of the founders, Rahul Mathur, had prior experience in the insurance sector in both Indian and global markets, including at UK-based startup Laka Insurance, which influenced the company's direction. The venture secured $1.85 million in financing from notable investors such as Sequoia Capital India and Lightspeed India Partners and was selected for the Y Combinator W21 accelerator program.
The company's initial product, BimaPe, was a consumer-facing platform designed to consolidate a family's insurance policies into a single, understandable view. It utilized the India Stack for instant data retrieval and a proprietary machine learning model to decode complex policy terms and conditions for users. However, after determining that the product-market fit was not being met, BimaPe was discontinued in September 2021. This strategic shift, or pivot, refocused the company on the underserved micro, small, and medium enterprise (MSME) market in India.
The new offering pioneered an end-to-end, WhatsApp-based insurance service for MSME owners, featuring multi-lingual support that covered the entire customer lifecycle from initial contact to after-sales service. This model proved successful, onboarding over 5,000 MSMEs in its first year and achieving a 30% month-over-month premium growth. The service provided next-day coverage for business facilities against more than 15 types of perils. In a strategic move to bolster its presence in the SME insurance vertical, InsuranceDekho, a larger insurtech player, acquired Verak in April 2023, integrating the Verak team into its operations.
Keywords: Verak, InsuranceDekho, BimaPe, Rahul Mathur, SME insurance India, MSME insurance, insurtech, venture capital, Sequoia Capital India, Lightspeed India Partners, Y Combinator, business insurance, WhatsApp insurance, policy management, insurance distribution, acqui-hire, micro-business insurance, commercial insurance, financial services for SMBs, pivot