Acko raises $60 million from Munich Re, Know-how Information, ETtech
Normal insurance coverage startup Acko has raised $60 million from German reinsurer Munich Re in its Sequence D funding spherical that additionally noticed participation from current buyers together with Amazon, RPS Ventures and Intact Ventures Inc, the corporate introduced on Tuesday.
ET had reported on June 1 that Munich Re, which is among the many largest reinsurers on the earth, was in talks to infuse capital within the Bengaluru-based insurtech agency, valuing it between $400 million and $500 million. Acko in its announcement didn’t specify the valuation or different phrases of the deal.
“Munich Re has been a strategic associate to Acko since inception and we’re actually excited to convey them on board as our investor,” mentioned Varun Dua, founder and CEO of Acko. “As one of many largest reinsurance firms globally, their funding exhibits confidence in our knowledge and technology-driven enterprise mannequin.”
The San Francisco-headquartered reinsurance big specialises in investing in insurtech and new tech firms the world over. The most recent spherical marks its foray into India’s insurance coverage market.
“As Munich Re Ventures’ first funding in India, we look ahead to the optimistic influence that digitally native insurance coverage options could have on the nation with Acko main the best way,” mentioned Oshri Kaplan, Director, Munich Re Ventures.
Amazon-backed Acko operates primarily in three key segments – motor insurance coverage, customised micro-insurance and medical health insurance – promoting insurance policies on to prospects via its personal digital platform and in partnerships. It just lately partnered with Amazon Pay for distributing two- and four-wheeler insurance coverage.
Acko additionally continues to be the market chief in contextual bite-sized insurance coverage merchandise in partnership with main gamers within the web ecosystem corresponding to Ola, redBus, Zomato and UrbanClap.
The corporate just lately invested in automotive service and restore platform Pitstop to reinforce its declare settlement course of. Acko cofounder Ruchi Deepak had instructed ET that the corporate is making an attempt to construct a full-stack on-line automotive possession platform.
The startup, based in 2019, can be engaged on rising its medical health insurance platform the place most insurers have seen elevated demand from prospects through the pandemic.
As per the newest knowledge from the Insurance coverage Regulatory and Improvement Authority, Acko has underwritten premiums value Rs 110 crore in FY21 as much as August, which is 10% decrease than the identical interval final 12 months.