According to the company’s official press release, Karachi-based online insurance startup Waada has acquired a rival company to become Pakistan’s largest insurance-tech startup.
MicroEnsure Pakistan, a subsidiary of MIC Global that operates in South Asia and Africa, was acquired in an all-stock transaction. Waada did not disclose the value of the transaction but did announce the completion of a $1.3 million seed round from local angel investors and foreign venture capital firms.
CEO & Founder, Ishaq Kothawala said, “Pakistan Insurance penetration is 0.7%, lowest in the region. Technology can play a huge role to tap that gap, specifically through creating the gig economy for agents & underwriters. This acquisition gives us the strength to lead that innovation from the front”.