Insurance firm ACKO on Wednesday stated it has raised USD 60 million (about Rs 441.8 crore) in a funding round led by Munich Re Ventures.
The funding round additionally noticed participation from current buyers Amazon, RPS Ventures and Intact Ventures Inc, the company enterprise arm of Canada’s largest property and casualty insurer (Intact Financial Corporation), in keeping with a press release.
ACKO plans to make use of the funds to speed up its progress in current strains and to increase into new product strains, it added.
Founded by Varun Dua and Ruchi Deepak in 2016, ACKO has greater than 60 million distinctive prospects so far. It presents bite-sized insurance coverage merchandise in partnership with over 20 gamers in the web ecosystem reminiscent of Amazon, Ola, redBus, Zomato and UrbanClap.
Recently, the corporate introduced its IPL partnership with Delhi Capitals to drive giant scale model consciousness by participating with an enormous client base.
“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 re-insurance companies globally, their investment shows confidence in our data and technology-driven business model,” Varun Dua, Founder and CEO of ACKO, stated.
Munich Re Ventures, headquartered in San Francisco, has made 30 investments in insurtech and new expertise corporations globally.
“As Munich Re Ventures’ 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,” Oshri Kaplan, Director at Munich Re Ventures, stated.
Avendus Capital was the advisor to ACKO on this fundraise.
ACKO’s buyers additionally embody Binny Bansal, Accel, SAIF, Swiss Re, Transamerica Ventures, Ascent Capital, Barings Private Equity, VenturEast, Narayan Murthy’s Catamaran Ventures, Infosys Co-Founder Kris Gopalakrishnan and Hexaware Technologies Founder and Chairman Atul Nishar.
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