[Funding Alert] Insurtech Startup Acko Scoop Up $60M From Munich Re Ventures

• Amazon-backed insurtech startup Acko raises $60M (Rs 444 crore approx) from German venture firm Munich Re Ventures.
• Acko raised the investment in its Series D funding round.
• Other existing investors like Amazon, RPS Ventures, and Intact Ventures also participated in the funding round.

Amazon-backed insurtech startup Acko General Insurance raises $60 million investment (Rs 444 crore approx) in its Series D funding round led by Munich Re Ventures.

While other existing investors like Amazon, RPS Ventures, and Intact Ventures also participated in the funding round.

According to the reports, The funding round led Acko General Insurance valued at $500 million ( up from $300 million from the last year.

Mumbai-based insurtech startup Acko General Insurance was founded in 2016 as the first digital insurance company in the country. Acko develops and sells insurance products to customers. Acko offers products such as Car, Health, Bike insurance to the customers in an instant way without any hassle.

Since then the company has developed different insurance products and sold them to over 60 million customers and has issued over 650 million insurance policies to date without any hassle.

Also Read: Gurugram-based logistics startup Delhivery Plans To Launch Its IPO In 2021

According to rating agency ICRA, Insurance products had reached less than 3% of the population as of 2017. ICRA estimated that of those Indians who had purchased an insurance product, they were spending less than $50 on it in 2017.

Furthermore, The startup so far has raised $203 million (Rs 1500 crore approx) from the 17 investors and firms including Amazon, Ascent Capital, Kris Gopalakrishnan, N.R Narayan Murthy, RPS Ventures, SAIF Partners, Accel, Intact Ventures, Binny Bansal (CEO, Flipkart) and others.

In November 2019, Acko raised $36 million in its venture round led by Ascent Capital and Binny Bansal.

While Amazon had invested $77 million in Acko's Series A and C funding round. On the other hand, Narayan Murthy and Kris Gopalakrishnan had has been a seed investor in Acko General Insurance invested $30 million in May 2017.

“We’re excited to join forces with one of the leading digital insurers in India, as well as other investment partners, to help support Varun and his impressive team as they continue their journey,” said Oshri Kaplan, director at Munich Re Ventures.

“As Munich Re Ventures’ first investment in India, we look forward to the positive impact that digitally native insurance solutions will have on the country with Acko leading the way,” he added.

"Munich Re Ventures has been a strategic partner to ACKO since inception and we are really excited to bring them on broad as our investor. As one of the largest reinsurance companies globally, their investment shows confidence in our company mission and business model," said, Dua, Founder, and CEO, Acko General Insurance.

Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.