SUMMARY
IRSS founder Kuldeep Trivedi and his team will help the insuretech startup onboard 2 Lakh partners and reach every pin code in India by the end of this year
The insuretech startup aims to solidify its presence in Western India
In the first week of April, the startup onboarded Verak, a Sequoia and LightSpeed-backed SME insurance distribution company
InsuranceDekho has acquihired the entire team of IRSS, a firm that manages a network of insurance agents, including its founder Kuldeep Trivedi, to strengthen its distribution network and penetrate the crucial insurance market of western India.
With more than 25 years of experience in insurance distribution, Trivedi will join the core leadership team of InsuranceDekho. He, along with his team, will be helping the insuretech startup onboard 2 Lakh partners and reach every pin code in India by the end of this year.
The cofounder and CEO of InsuranceDekho, Ankit Agrawal, said, “We are excited to welcome Kuldeep Trivedi and his team to the InsuranceDekho family. The team shares our vision of democratising access to insurance and insuring every Indian. Kuldeep, his team and their partner network will supercharge InsuranceDekho’s reach and greatly strengthen our proposition in Western India.”
Commenting on the new partnership Trivedi said, “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.”
This is the second such move made by InsuranceDekho this month. In the first week of April, the startup onboarded Verak, a Sequoia and LightSpeed-backed SME insurance distribution company.
Founded in 2016 by Alok Bhatnagar, Ankit Agrawal, Ish Babar, and Sanjeev Gujral, InsuranceDekho raised a total of $170M in three funding rounds since its inception.
In February, it raised $150 Mn in a Series A funding round, which was a mix of equity and debt, led by Goldman Sachs Asset Management and TVS Capital Funds.
In an exclusive interview with Inc42, Agrawal said that the company was aiming to break even by the next financial year.
“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.
As per the economic survey of 2022-2023, India will emerge as one of the top six insurance markets, surpassing Germany, Canada, Italy, and South Korea by 2032.
As of now, the Indian fintech industry seems to be flourishing. According to an Inc42 report, the fintech market is expected to reach a size of $2.1 Tn by 2030.
