Indian insurtech InsuranceDekho has purchased Gujarat-based institutional insurance distributor IRSS for an undisclosed sum.
The acquisition helps the company to boost its distribution network and expand its presence in western India’s insurance market.
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It comes less than a month after InsuranceDekho bought Verak, an insurance distribution startup for small and medium-sized enterprises (SME) based in Mumbai.
With the latest deal, IRSS founder Kuldeep Trivedi and his team will becomes part of InsuranceDekho.
Trivedi will also join the core leadership team at the insurtech.
InsuranceDekho co-founder and CEO Ankit Agrawal said: “We are excited to welcome Kuldeep Trivedi and his team to the InsuranceDekho family.
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By GlobalData“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.”
Established in 2016, InsuranceDekho is part of used-car platform CarDekho.
In February this year, InsuranceDekho garnered an investment of $150m in a Series A round led by Goldman Sachs Asset Management and TVS Capital Funds.
Trivedi said: “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.”
