Digital insurer, ACKO General Insurance, has raised $60 million in funding from investors led by Munich Re Ventures, together with participation from its other existing investors similar to Amazon, RPS Ventures and Intact Ventures Inc. The quantity raised can be used to speed up the corporate’s development in existing traces and enlargement into new product traces.
The digital insurance coverage firm had raised round $36 million final 12 months from Binny Bansal and Ascent Capital. Since its inception 4 years in the past, it has raised round $200 million from numerous investors. Its present crop of investors embrace Binny Bansal, Swiss Re, Transamerica Ventures, Ascent Capital, Barings Private Equity, VenturEast, Narayan Murthy’s Catamaran Ventures, Kris Gopalakrishnan, Atul Nishar, Hemendra Kothari, Rajeev Gupta, Aditya Agarwal, TI Platform, Subba Rao and Venk Krishnan.
Varun Dua, Founder & CEO of ACKO stated, Munich Re’s funding exhibits confidence in our knowledge and technology-driven enterprise mannequin. This confidence is additional bolstered by the continued assist of our existing investors, Amazon, Intact and RPS Ventures.
ACKO is a primary of its form digital insurance coverage firm, which offers frictionless insurance coverage to the ‘digitally savvy’ by means of an intuitive buy expertise, zero-paperwork and stress-free claims course of. It has issued over 650 million insurance policies to over 60 million distinctive clients. It has tie-ups with Amazon, Ola, redBus, Zomato and UrbanClap.
Oshri Kaplan, Director, Munich Re Ventures stated,” As Munich Re Ventures’ first funding in India, we look ahead to the constructive impression that digitally native insurance coverage options may have on the nation with Acko main the way in which”.
“We invest in companies that are redefining the future of insurance, and are excited to continue on this journey with ACKO by participating in this funding round”, stated Karim Hirji, SVP & Managing Director of Intact Ventures.