ACKO, a Bengaluru-based insurtech company which makes buying and using insurance effortlessly, announced it has raised $60 million in a funding round led by Munich Re Ventures. Existing investors Amazon, RPS Ventures, and Intact Ventures Inc, which is the corporate venture arm of Canada’s largest property and casualty insurer, also participated in the funding round.
The company plans to use the current funding to accelerate its growth in existing lines and expansion into new product lines.
Varun Dua, Founder and CEO, ACKO, said: “Munich Re has been a strategic partner to ACKO since inception, and we are really excited to bring them on board as our investor. As one of the largest reinsurance companies globally, their investment shows confidence in our data and technology-driven business model. This confidence is further reinforced by the continued support of our existing investors, Amazon, Intact and RPS Ventures.”
Founded by Varun Dua and Ruchi Deepak in 2016, ACKO is backed by Amazon, Accel, Catamaran Ventures, SAIF Partners, Swiss Re Transamerica Ventures and investors like Ashish Dhawan, Kris Gopalakrishnan, Hemendra Kothari, Atul Nishar, Rajeev Gupta, Venk Krishnan and Subba Rao. Its latest round of funding has also added Binny Bansal, RPS ventures and Intact ventures to its list of investors.
ACKO addresses insurance needs through data-based personalised pricing and instant claim verification and settlement. It recently partnered with Amazon Pay for distributing two and four-wheeler insurance.
ACKO said it also continues to be a market leader in contextual bite-sized insurance products in partnership with 20+ leading players in the internet ecosystem such as Amazon, Ola, redBus, Zomato and UrbanClap.
“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,” added Oshri Kaplan, Director, Munich Re Ventures.
Recently, ACKO announced its IPL partnership with Delhi Capitals to drive large-scale brand awareness by engaging with a vast consumer base.
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