The online insurance company Acko raised $65 million in a Series C funding round, which takes up the total fund amount raised by the company so far to $107 million. Avendus Capital participated as the advisor to Acko for the funding round.
The fundraise was led by co-founder of Flipkart, Binny Bansal along with RPS Ventures managed by Kabir Misra. Intact Ventures, the corporate arm of a property and casualty insurance company based in Canada also led this round. The company saw the participation of existing investors, Amazon, SAIF Partners, TechPro Ventures, and Accel Partners in this round as well.
According to Your Story, Binny Bansal is reported to have invested $25 million in the general insurance startup based in Mumbai. This deal is the second investment of RPS Ventures after its investment in Meesho, a social commerce platform, last November.
Founder of Acko, Varun Dua, said in a statement that the company plans to utilise the funds raised on branding, advertising as well as technology and analytics. Also, the firm wishes to expand its technology resources three-fold in the next one and a half years.
In the year 2017, the firm raised $30 million as the seed fund through SAIF Partners, Accel Partners, Catamaran Ventures managed by Infosys founder Narayana Murthy, and Infosys co-founder Kris Gopalakrishnan. In the year 2018, the startup raised $12 million in a funding round led by Amazon and founder of ChrysCapital, Ashish Dhawan.
Acko General Insurance offers insurance products that cater to the needs of tech-savvy customers. So far, the company has insured more than 2 lakh vehicles and makes bite-sized offerings to millions of customers. The company will soon launch health insurance and travel insurance in addition to its motor insurance offerings.
Sources: Live Mint and Your Story