Insurance startup Acko Technology & Services Pvt Ltd has raised $60 million (Rs 441.4 crore).
The spherical in Bengaluru-based Acko has been led through Munich Re Ventures, the venture capital arm of Germany-based reinsurance enterprise Munich Re Group. This funding marks San Francisco-based Munich Re Ventures’ first Indian bet.Other members in the exercise consist of existing investors incl
The spherical in Bengaluru-based Acko has been led through Munich Re Ventures, the venture capital arm of Germany-based reinsurance enterprise Munich Re Group.
This funding marks San Francisco-based Munich Re Ventures’ first Indian bet.Other members in the exercise consist of existing investors inclusive of Amazon, RPS Ventures, and Intact Ventures Inc. Avendus Capital acted as the advisor to Acko on the fundraise.
This capital comes after Acko in March last year raised $65 million (around Rs 452.3 crore) in a Series C funding spherical. Participants in the spherical included Flipkart co-founder Binny Bansal, RPS Ventures, and Intact Ventures.
Acko, set up through Varun Dua and Ruchi Deepak in 2016, offers insurance for merchandise such as health, car, bike, mobiles, and appliances.
It will use the capital it has raised to accelerate its boom in present markets in addition to make bigger into new product lines.
“As one of the largest reinsurance companies globally, their [Munich Re’s] investment shows confidence in our data and technology-driven business model,” Dua said. “We are happy to have mission-aligned investors who are also helping us with global expertise in insurance and technology.”
Other traders which have backed Acko in the past encompass Infosys co-founder Kris Gopalakrishnan, Accel, SAIF, Swiss Re, Ascent Capital, Ventureast, and Hexaware Technologies founder and chairman Atul Nishar.
The business enterprise mentioned consolidated net income of Rs 111.5 crore for the 2018-19 financial year, according to VCCEdge, the facts research arm of Mosaic Digital. It claims to have dispensed over 650 million guidelines to more than 60 million clients so far.
The funding comes under a week after Acko introduced an funding of $1.2 million (around Rs 8.8 crore) in vehicle servicing platform Pitstop. It additionally has strategic partnerships with corporations inclusive of Amazon, Ola, redBus, Zomato, and Urban Company.
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The spherical in Bengaluru-based Acko has been led through Munich Re Ventures, the venture capital arm of Germany-based reinsurance enterprise Munich Re Group. This funding marks San Francisco-based Munich Re Ventures’ first Indian bet.Other members in the exercise consist of existing investors incl02Who wrote it?
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