# Verak

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/verak

- Industry: Insurance
- Headquarters: Mumbai, India
- Website: www.verak.in
- Total disclosed funding: $73M
- Latest round: Seed (Jun 23, 2021)
- Investors on record: 4

## About

Based in India and founded in 2020, Verak is engaged in providing advanced technology solutions that enhance operational efficiency, primarily through software applications focused on data management and analytics.Verak, headquartered in Mumbai, India, specializes in technology solutions designed to optimize operational processes. Founded in 2020, the company quickly gained traction, completing 3 deals, with the most recent funding round being a Seed investment of INR 5450.000 mn led by Lightspeed Venture Partners in April 2023. The company's founder has previously been involved in other entrepreneurial ventures, although specific details are not available. Verak has not undergone any major pivots or structural changes since its inception.Verak specializes in providing innovative technology solutions designed to enhance operational efficiency across various sectors. Its core offerings include a suite of software applications tailored for data management and analytics, aimed primarily at businesses looking to streamline their processes and improve decision-making. These products are engineered to address critical use cases such as real-time data integration, predictive analytics, and automated reporting, which assist clients in gaining actionable insights from their data. Verak primarily serves clients in the healthcare, finance, and logistics sectors, providing essential tools that facilitate improved outcomes and efficiency. The company markets its solutions in North America and Europe, targeting mid-sized to large enterprises that require robust technology to support their data-driven initiatives.In the fiscal year 2023, Verak generated revenue of INR 520785.7, with an EBITDA of -250281.7. The company follows a subscription-based model for its software solutions, enabling clients to access technology on a recurring basis while ensuring continuous updates and support. The transaction structure is predominantly B2B, allowing businesses to subscribe to various tiers of service based on their specific needs and scale, thus offering flexibility in their operational demands. Revenue from subscriptions is supplemented by additional consulting services, further solidifying Verak's position as a key partner in client growth strategies.As part of its future growth strategy, Verak plans to develop and launch new products aimed at enhancing its software offerings, although specific release dates have not been disclosed. The company is also focusing on expanding its market presence, particularly targeting new regions in North America and Europe by the end of 2024. The recent Seed funding round will support these initiatives, particularly in increasing product variety and strengthening partnerships with small to medium enterprises. In April 2023, Girnar Insurance Brokers Private Limited, backed by several prominent investors, agreed to acquire Verak, which is anticipated to enhance its offerings and market reach.

## Funding rounds

- Seed, Jun 23, 2021, $73M — Lightspeed Venture Partners, Titan Capital, Gemba Capital, iSeed

## Investors

- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Seed
- Titan Capital — Seed
- Gemba Capital (https://capitalatlas.ai/funds/gemba-capital) — Seed
- iSeed (https://capitalatlas.ai/funds/iseed) — Seed