Digital-only general insurer Acko has raised USD 60 million funding led by Munich Re Ventures.
Existing investors including Amazon, RPS Ventures and Intact Ventures Inc, the corporate venture arm of Canada’s largest property & casualty insurer also participated in this funding round. This is Munich Re Ventures’ first investment in India.
Acko said in a statement that it planned to use the funds to accelerate its growth in existing lines and expansion into new product lines.
Moneycontrol reported about Acko looking to raise close to USD 60 million funding from Munich Re Ventures.
Founded by Varun Dua and Ruchi Deepak in 2016, Acko is a digital-native insurance company. experience insurance. It has issued over 650 million policies to over 60 million customers till date.
Acko recently partnered with Amazon Pay for distributing two and four-wheeler insurance.
“As one of the largest reinsurance companies globally, Munich Re’s 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.” said Varun Dua, Founder and CEO, Acko.
Munich Re Ventures, founded in 2015 and headquartered in San Francisco, has made 30 investments in insurtech and new technology companies globally.
Oshri Kaplan, Director, Munich Re Ventures said, “As our first investment in India, we look forward to the positive impact that digitally native insurance solutions will have on the country with Acko leading the way.”
Amazon continues to back ACKO with a follow-on investment in this round. Its exact funding amount was not disclosed.
Avendus Capital was the advisor to Acko on this fundraise.
The company’s backers also include Binny Bansal, Accel, SAIF, Swiss Re, Transamerica Ventures, Ascent Capital, Barings Private Equity, VenturEast, Narayan Murthy’s Catamaran Ventures, Kris Gopalakrishnan – Co-founder of Infosys, Atul Nishar – Founder & Chairman of Hexaware Technologies, Hemendra Kothari of DSP Blackrock, Rajeev Gupta – Founder of Arpwood Capital, Aditya Agarwal – Partner at ICONIQ Capital & ex-CTO of Dropbox, TI Platform, Subba Rao of NuVentures and Venk Krishnan.