About Verak
Verak is a company based in Navi Mumbai (India) founded in 2020 by Anand VS Joshi, Harshvardhan Kombucha Chauhan, Eashan B, Abraz M, Vishrut B, and Kunal K was acquired by InsuranceDekho in April 2023.. Verak has raised $819.73 thousand across 4 funding rounds from investors including InsuranceDekho, Lightspeed Venture Partners and Gemba Capital. The company has 1 employees as of March 31, 2024.
- Headquarter Navi Mumbai, India
- Employees 1 as on 31 Mar, 2024
- Founders Anand VS Joshi, Harshvardhan Kombucha Chauhan, Eashan B, Abraz M, Vishrut B, Kunal K
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Sectors
Financial Services
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Verak Insurance Brokers Private Limited
- Date of Incorporation 27 Jun, 2022
- Jurisdiction Mumbai, Maharashtra, India
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$819.73 K (USD)
in 4 rounds
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Latest Funding Round
$545 K (USD), Seed
Jun 23, 2021
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Investors
InsuranceDekho
& 5 more
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Employee Count
1
as on Mar 31, 2024
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Acquired by
InsuranceDekho
(Apr 04, 2023)
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Funding Insights of Verak
Verak has successfully raised a total of $819.73K across 4 strategic funding rounds. The most recent funding activity was a Seed round of $545 thousand completed in June 2021. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 4
- Last Round Seed — $545,000
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First Round
First Round
(01 Jun 2020)
- Investors Count 5
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun, 2021 | Amount | Seed - Verak | Valuation | Lightspeed Venture Partners , Titan Capital |
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| Jun, 2021 | Amount | Seed - Verak | Valuation | Gemba Capital |
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| Jun, 2021 | Amount | Seed - Verak | Valuation | Y Combinator |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Verak
Verak has secured backing from 6 investors, including venture fund investors. Prominent investors backing the company include InsuranceDekho, Lightspeed Venture Partners and Gemba Capital. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Venture capital firm backing startups in Fintech and Consumer Tech sectors.
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Founded Year | Domain | Location | |
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Venture capital investing in innovative companies across global sectors is undertaken by Lightspeed Venture Partners.
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Founded Year | Domain | Location | |
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Investments are made in early-stage companies by Titan Capital.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Verak
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Verak
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Verak Comparisons
Competitors of Verak
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Verak
Frequently Asked Questions about Verak
When was Verak founded?
Verak was founded in 2020.
Where is Verak located?
Verak is headquartered in Navi Mumbai, India. It is registered at Navi Mumbai, Maharashtra, India.
Who is the current CEO of Verak?
Harshvardhan Kombucha Chauhan is the current CEO of Verak. They have also founded this company.
Is Verak a funded company?
Verak is a funded company, having raised a total of $819.73K across 4 funding rounds to date. The company's 1st funding round was a Seed of $89.51K, raised on Jun 01, 2020.
How many employees does Verak have?
As of Mar 31, 2024, the latest employee count at Verak is 1.
What does Verak do?
Verak was founded in 2020 and is headquartered in Navi Mumbai, India. Insurance brokerage services are offered across multiple categories, including home, auto, health, business, travel, and pet insurance. Operations focus on facilitating access to these policies for individual and commercial clients within the Indian market. The company is led by a team of co-founders handling key executive roles.
Who are Verak's investors?
Verak has 6 investors. Key investors include InsuranceDekho, Lightspeed Venture Partners, Gemba Capital, Titan Capital, and iSeed.