Indian online insurer Acko General Insurance raised $255 million in its Series D round of funding to hit a market valuation of $1.1 billion and achieve ‘unicorn’ status.
India’s Acko General Insurance raised $255 million in its Series D funding round to finance growth plans and hit a market valuation of $1.1 billion, achieving ‘unicorn’ status.
India’s Multiple Private Equity and growth equity investor General Atlantic led the fundraising round. Acko said that venture firm light speed, Canada Pension Plan Investment Board, and some existing investors also participated in the latest funding round.
The Amazon-backed startup is part of a unicorn boom India is witnessing this year. Founder and Chief Executive Officer Varun Dua said that Acko intends to invest $150 million in expanding its health business and scaling its team, particularly within the technology, data science, and product space.
The Bengaluru-based Insurance company, Acko General Insurance, was founded in 2016. On its website, Acko claims to be one of India’s first digital Insurers. Automobile insurance is Acko’s primary revenue driver has sold policies covering motorbikes, cars, and even taxi passengers to over 50 million customers. The company also offers insurance for smartphones, laptops, and other home electronic products sold on Amazon’s website.
Besides Amazon, the startup is backed by Accel Partners, SAIF Partners, and Catamaran Ventures and has raised a total of $450 million in funding.
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