InsuranceDekho, the insurance arm of used-car platform CarDekho, has made its second acquisition in less than two weeks.
InsuranceDekho, operated by Girnar Insurance Brokers Pvt Ltd, has bought IRSS, a firm with a network of insurance freelancers, just after it had acquired Mumbai-based small and medium enterprise (SME) insurance distribution firm Verak earlier this month.
The company is looking at more inorganic opportunities, a top executive said, in a very competitive insurtech market which has players like Digit, Acko among others.
The acquisition comes in over two months after New Delhi-based InsuranceDekho raised $150 million from New York-based Goldman Sachs Asset Management and homegrown mid-market private-equity firm TVS Capital Funds in one of the largest Series A fundraising rounds by an insurtech startup in India.
“With the IRSS acquisition, we get two capabilities. One is geographical capability and another is product capability,” Ankit Agrawal, co-founder and chief executive officer at InsuranceDekho told VCCircle.
“They are very strong on the health, life (insurance) side,” he added. “Lastly, from a geography perspective, they are very strong in western part of the country.”
As a part of the deal, IRSS founder Kuldeep Trivedi and his team of 200 people will join InsuranceDekho. It also benefits from IRSS’ 12,000 network of freelancers who work on sourcing financial products, who also join the startup. However, the financial details of the company were not disclosed.
The acquisition will allow InsuranceDekho to strengthen its distribution network, increase its penetration into the insurance market of western India. Kuldeep will join the core leadership team of InsuranceDekho
“With InsuranceDekho's strong technology infrastructure, insurer relations and product portfolio, we aim to further increase our penetration in Western India and provide better value and convenience to our customers,” said Trivedi, founder of IRSS.
