Acko General Insurance, a new-age online insurance provider, has raised $ 65 million in Series C financing round, which saw participation from new as well as several existing top investors.
New investors who have come on board this insurtech startup include Binny Bansal, Co-founder of Flipkart, who has in his personal capacity pumped in $ 25 million, Varun Dua, Founder and CEO of Acko General Insurance told BusinessLine .
The other two new investors are RPS Ventures, led by Kabir Misra, ex-managing partner at Softbank; and Intact Ventures Inc. – corporate venture arm of Canada’s largest property and casualty insurer, Dua added.
Existing investors’ who participated in the latest Series C Round are Amazon, Accel, SAIF and TechPro Ventures.
With this latest round of Series C funding, Acko’s total funds raised stands at $107 million. Avendus Capital was advisor to Acko on this fundraise. Previously, Ackoraised $ 30 million in seed funding, one of the largest seed rounds for the Indian start-up ecosystem, and later raised Series B funding of $12 million led by Amazon.
Dua said that the current round of funding demonstrates the “confidence investors have in us and in our ability to transform how insurance will be delivered”.
“We are excited to put the company on a rapid growth trajectory with this round of funding. Insurance is a capital intensive sector and as we grow, we will be raising more capital in compliance with the guidelines of the regulator”, Dua said.
Commenting on his investment, Binny Bansal said that Technology led insurance is expected to play a significant role in growth of the underpenetrated insurance sector in India.
“Acko is the pioneer of digital-native insurance and I am delighted to partner in its exciting growth journey”, Bansal said.
Karim Hirji, Senior Vice-President of Intact Ventures said, “We are thrilled to support Acko in its mission to become the leading digital insurer in India. In addition to their innovative direct-to-consumer strategy, Varun and his team have taken a creative approach by developing impactful distribution partnerships that allow millions of customers to protect assets that are meaningful to them”.
Kabir Misra, Managing Partner, RPS Ventures, said, “We have strong conviction on the ensuing insurtech wave and more specifically in India which is hugely under penetrated and suffers from multiple gaps. We are excited to support Acko, which is transforming insurance through technology and data based underwriting and a unique customer-centric approach”.
Amit Agarwal, SVP and Country Head, Amazon India, said, “We continue to be impressed by Acko’s focus on data-led innovations in the insurance sector that are solving for important customer needs in this sector. We are always excited to work with companies like Acko that are led by missionary founders and management teams and we remain committed to investing in technology-backed innovations that address real customer problems”.