According to the company’s official press release, Waada, an online insurance startup located in Karachi, has purchased a competitor firm to become the largest insurance-tech startup in Pakistan.
Across an all-stock acquisition, the business has acquired MicroEnsure Pakistan, a division of MIC Global with operations in South Asia and Africa. In addition to announcing the conclusion of a $1.3 million seed round from local angel investors and global venture capital companies, Waada did not reveal the deal’s worth.
Ishaq Kothawala, CEO and founder, stated that Pakistan has the lowest insurance penetration rate in the area at 0.7%. Technology, notably the development of the gig economy for agents and underwriters, can play a significant role in filling that gap. We now have the capacity to drive such innovation from the front thanks to this purchase.
With the use of Waada’s internal platform, anyone in the nation can virtually join up, view training videos, get qualified as a gig agent, and receive insurance in just a few minutes—all without ever having to set foot on the company’s property. By lowering administrative expenses along the supply chain, this automation adds value and enables Waada to pay more commissions to agents and cheaper pricing to customers.
Front left to right: Nouman Zahoor – Head of growth~Danish Sajid – Ops lead
Back left to right: Ishaq Kothawala – CEO & founder, Nabeel Arshad- Tech lead
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