InsuranceDekho announces second acquisition in less than a month; acquires Gujarat-based IRSS

Insurance technology platform InsuranceDekho announced on Wednesday that it has acquired IRSS, one of the largest institutional insurance distributors in Gujarat. As part of this deal, the insurtech platform will be onboarding IRSS’ founder Kuldeep Trivedi and his team.
 
The acquisition will help InsuranceDekho strengthen its distribution network and penetration into the insurance market of western India. The company, in a statement said that it aims to reach every corner of India and is on target to have 2 lakh partners covering every pin code in India by the end of 2023.
 
Commenting on this development, Ankit Agrawal, Co-founder and CEO of InsuranceDekho said, “We are excited to welcome Kuldeep Trivedi and his team to the InsuranceDekho family. The team shares our vision of democratizing 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”.
 
Trivedi, Founder of IRSS added, "Over the past few years, we have worked relentlessly to offer the best insurance products to the people of Gujarat. 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.”
 
InsuranceDekho was launched in 2016 by Agrawal and Ish Babbar. At present, it is offering about 380 insurance products across various categories like health, car, pet, life, and others by tying with about 46 insurance companies.
 
A few weeks ago, the Jaipur-based company acquired Mumbai-based Verak which is an insurance distribution network firm for small and medium enterprises. 
 
In February, InsuranceDekho also announced that it has raised $150 million in a Series A funding round. The fundraise, which was a mix of debt and equity, was led by global asset management firm, Goldman Sachs Asset Management and Gopal Srinivasan-led TVS Capital Funds. The round also saw the participation of various investors including Investcorp, Avataar Ventures and LeapFrog Investments.   

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