Amazon-backed Insurtech Startup Acko Raises $60 Mn Funding The funding round was led by Munich Re Ventures, corporate venture arm of Germany-based reinsurance and primary insurance company Munich Re. along with participation from existing investors Amazon, RPS Ventures and Intact Ventures.

By Shipra Singh

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Acko

Insurtech startup Acko on Wednesday announced that it has raised USD 60 million funding led by Munich Re Ventures, corporate venture arm of Germany-based reinsurance and primary insurance company Munich Re.

Existing investors Amazon, late stage VC firm RPS Ventures and Intact Ventures, corporate venture arm of Canada's property and casualty (P&C) insurance provider Intact Financial Corporation, also participated in the round.

Founded in 2016 by Varun Dua and Ruchi Deepak, Acko is a fully digital insurance firm that offers zero-paperwork and tech-enabled claims process to its users. Its product offering include car, bike insurance, health, mobile repair and TV and appliances insurance. It also offers bite-sized insurance—small-ticket insurance cover— products in partnership with over 20 companies in the internet ecosystem, such as Amazon, Ola, redBus, Zomato and UrbanClap.

Acko claims that its differentiated approach for auto insurance has advantages over traditional channels, as it leverage data and analytics to provide personalised pricing and instant claim verification and settlement.

The company has so far issued over 650 million policies to over 60 million unique customers.

Prior to the latest round, Acko secured USD 36 million from Binny Bansal and PE firm Ascent Capital in November 2019. With the latest capital infusion, its total fundraise stands at estimated USD 203 million till date.

"Since our first investment in Acko, which was made last year, it has scaled quickly to become the leading digital insurer in India by leveraging data and technology to acreate a unique customer-centric experience," said Karim Hirji, SVP and MD, Intact Ventures.

Commenting on the latest funding, founder and CEO Dua said "Munich Re has been a strategic partner to ACKO since inception and we are really excited to bring them on board as our investor. As one of the largest reinsurance companies globally, their investment shows confidence in our data and technology-driven business model. This confidence is further reinforced by the continued support of our existing investors, Amazon, Intact and RPS Ventures."

The Mumbai-headquartered company will deploy the funds to accelerate its growth in existing lines and expansion into new product lines.

Shipra Singh

Entrepreneur Staff

Freelance Journalist

Now a freelance journalist, ealier steered the Wealth section on the Entrepreneur website, covering everything finance. Previously a personal finance reporter at The Economic Times and Outlook Money.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

Leadership

International Security Firm Welcomes Female India Native to an Essential Leadership Position

Yasmin Brar has been appointed as the Operations Strategy Director, a role that underscores the company's commitment to innovation, expansion, and strategic management

Business News

Want to Start a Billion-Dollar Business? Look to These Two Industries, Which Have the Most Unicorn Growth

During a tough fundraising year overall last year, the value of cybersecurity and AI unicorns saw double-digit growth.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

These Are the Top 6 AI Threats to Your Business Right Now

The modern workforce is forever changed by artificial intelligence. If you fail to understand that we will all need to learn AI to some degree, you haven't been paying attention.

Business News

A 29-Year-Old CEO Quit Microsoft To Build His Startup — And Just Scored A Deal on Shark Tank

Aabesh De tapped into a niche need during the pandemic and founded Flora, a houseplant care startup.

Business News

Airbnb Renter Discovers Hidden Door, Says Police Confirm There's a Secret Unit Upstairs With 'Surveillance': 'A Terrifying Experience'

One bride-to-be was in for a not-so-welcome surprise when she discovered a secret door in her Airbnb rental.