Acko Raises $65M
Acko General Insurance , the Mumbai-based digital insurer, has closed a $65m Series C round led by Amazon India with participation from several investors including Intact Ventures, RPS Ventures, Accel, SAIF, TechPro Ventures and Binny Bansal, the cofounder and former CEO of Flipkart.
Founded in 2016 by Varun Dua, Acko’s distribution strategy incorporates a direct-to-consumer approach, along with offering “innovative and bite-sized insurance products” such as rider insurance, mobile and appliance protection, ticket cancellation and more in partnership with leading digital players such as Ola, Amazon, redBus, Zomato and UrbanClap.
“The current round of funding demonstrates the confidence investors have in us and on 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. We are very excited with the new partners coming on-board. Binny Bansal’s experience in scaling a technology first company will prove extremely helpful in the next leg of our journey. We are delighted to be among the first investments of RPS Ventures. Intact is a pioneer in data and technology led insurance products in Canada and we look forward to leveraging their expertise. We’re also glad to have Amazon’s continued support and look to build on the next wave of product innovation.” – Founder and CEO of Acko, Varun Dua.
“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. We are excited to offer our expertise and partner with a company that shares our vision of creating simple and transparent new-age customer centric insurance products.” – SVP of Intact Ventures, Karim Hirji.
“Technology led insurance is expected to play a significant role in growth of the under-penetrated insurance sector in India. Acko is the pioneer of digital-native insurance and I am delighted to partner in its exciting growth journey” – Binny Bansal.
“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.” -SVP and Country Head of Amazon India, Amit Agarwal.