Online insurance startup Acko General Insurance Co. has raised $12 million (around Rs 80 crore) in a new round of funding led by e-commerce giant Amazon, an official statement revealed.
The latest funding infusion that saw participation from Ashish Dhawan, angel investor and founder of private equity fund ChrysCapital and existing investor Catamaran Ventures, the family office of Infosys co-founder NR Narayana Murthy, takes Acko’s total external funding to nearly $42 million.
“We will use the funds to strengthen our technology teams to deliver data analytics and towards brand building activities,” Varun Dua, Acko founder said.
“Acko is a young and nimble start-up bringing technology and data-led innovation to the insurance sector to deliver a better insurance experience for customers. We are excited to back companies that are focused on using technology for enhanced customer experience and are led by missionary founders and management teams,” Amit Agarwal, Senior Vice President (SVP) and Country Manager, Amazon India said in a statement.
Mumbai based online insurance lender, whose other investors include Accel Partners, SAIF Partners, Swiss Re Reinsurance Holding Company Ltd, Transamerica Ventures Fund as well as Venk Krishnan and Subba Rao from NuVentures, currently offers car and bike insurance and mobile protection plans.
In recent times the online lender that has joined hands with cab aggregator Ola to offer in-ride insurance to riders is said to be exploring venturing into travel insurance and healthcare space.
Set up by Mudra Institute of Communications, Ahmedabad (MICA) alumnus Dua, in 2016, Acko’s general insurance plan leverages on data, cutting-edge analytical tools and insights to offer highly personalised insurance products through its online platform.