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Verak
AddedMar 17, 2024
UpdatedJul 1, 2026
Verak

Verak

Acquired

InsuranceDekho: Affordable MSME coverage against 15+ perils in India.

Founded
2020
Accelerator
Y Combinator logoY CombinatorW21
Overview
Compare
Fundraising
Employees

Verak's core mission was to provide affordable and comprehensive business insurance for MSMEs in India. They offered next-day coverage starting at ₹8 per day, protecting facilities like shops, warehouses, and factories against over 15 natural and man-made perils. Their services included satellite-based underwriting, machine learning-based pricing, instant quotations, and WhatsApp-based claims processing.

Verak achieved significant impact by becoming part of InsuranceDekho in April 2023, enhancing their reach and capabilities. Their innovative approach to the insurance value chain, leveraging advanced technologies, set a new standard for MSME insurance in India.

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Verak - Quick Facts

Who are Verak's competitors?

Companies similar to Verak include Bimaplan, MyCover.ai, Veruna and Cover.

When was Verak founded?

Verak was founded in 2020.

When was Verak's last funding round?

Verak's most recent funding round was for $125k (USD) in January 2021.

How much has Verak raised to-date?

As of Jan 1, 2021, Verak has raised a total of $125k (USD).

Verak - Classification

Ownership
  • Private
Technology
  • AI
  • Analytics
Geographic Exposure
  • India
Revenue
  • Recurring
  • SaaS
Customer
  • Small Business
Tags
  • Fintech
  • Insurtech