Amazon-backed digital insurance company Acko is now valued at over $ 1 billion
- Series D was conducted by General Atlantic and Multiples Private Equity.
- The company will use this funding to boost its healthcare business with an investment of $ 150 million.
- The company claims to have more than 70 million customers.
Amazon-backed digital insurance company
The Series D round was led by General Atlantic and Multiples Private Equity, with participation from the Canada Pension Plan Investment Board and Lightspeed. Existing investors Intact Ventures and Munich Re Ventures injected an undisclosed amount into this cycle.
The transaction is subject to the approval of the Insurance Regulatory and Development Authority of India (IRDAI), the Indian insurance regulator. Barclays was Acko’s exclusive financial advisor for this fundraiser.
Founded by Varun Dua and Ruchi Deepak in 2016, Mumbai-based Acko is an independent digital general insurance company that offers auto, health, travel and more insurance products. Auto insurance is his biggest offering, co-founder Deepak told Business Insider US in a previous interaction.
The company claims to have over 70 million customers, recording an execution rate of nearly $ 150 million in premiums.
“We firmly believe in supporting our clients in protecting their precious assets or the health and safety of their loved ones through a differentiated product and value-added service. Insurance and protection must work for people according to their unique risks and needs in a transparent and reliable manner, ”added Dua, CEO of Acko.
Acko intends to use this funding to invest in its healthcare vertical and grow its team, particularly in the areas of technology, products and data. The company intends to invest $ 150 million in its healthcare business.
Prior to that, the company has raised $ 450 million to date from reputable investors like Amazon, Accel, Elevation, Accent Capital, Flipkart co-founder, Binny Bansal and others.
Acko is the second insurtech startup to enter the unicorn club. Digital insurance broke the billion dollar mark in January 2021. Although IPO-linked PolicyBazaar is also an insurtech player, it is an insurance policy seller. and not from a supplier like the other two players.
PolicyBazaar will launch its IPO on November 1, at a price range of 940-980. The lot size is set at 15 parts. The IPO issue size is 5,709 crore, consisting of a new issue of 3,759 crore and an offer to sell (OFS) of 1,959 crore from its existing shareholders.
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