Acko raises $225 million
Following yesterday’s news from India, Acko, the new digital insurer that was established in the country in 2016, has raised $225 million in a series D round. General Atlantic and local private equity firm Multiples Private Equity led the round, with participation from Canada Pension Plan Investment Board, Lightspeed, Intact Ventures, and Munich Re Ventures. With this latest round, Acko is valued at $1.1 billion.
Acko, which is also backed by Amazon, offers car, taxi, and bike insurance, product protection, and health insurance. The startup plans to invest more in its health insurance vertical.
“We will continue to scale and innovate in our flagship auto insurance business. We also continue to deepen our health strategy and intend to invest over $150 million in the health business soon. We believe health insurance products, claims innovation and a deeply connected ecosystem of health services that improve health outcomes for customers are today’s most urgent needs.” – Varun Dua, founder and CEO of Acko.
“Acko has developed a differentiated and scalable business model based on a singular customer focus, value-based pricing, highly-rated service and deep technology capabilities. We believe that Acko has the potential to emerge as an insurer-of-choice for the 100 million-strong digitally-native Indian customer base over the next decade and can play a meaningful role in shaping the future of insurance in India.” – Shantanu Rastogi, managing director at General Atlantic.