Basic insurance startup Acko has raised $60 million from German reinsurer Munich Re in its Collection D funding spherical that additionally noticed participation from present traders 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 this planet, 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,” stated Varun Dua, founder and CEO of Acko. “As one of many largest reinsurance firms globally, their funding exhibits confidence in our information and technology-driven enterprise mannequin.”
The San Francisco-headquartered reinsurance big specialises in investing in insurtech and new tech firms internationally. The most recent spherical marks its foray into India’s insurance coverage market.
“As Munich Re Ventures’ first funding in India, we sit up for the optimistic influence that digitally native insurance coverage options may have on the nation with Acko main the best way,” stated Oshri Kaplan, Director, Munich Re Ventures.
Amazon-backed Acko operates primarily in three key segments – motor insurance coverage, customised micro-insurance and medical insurance – promoting insurance policies on to prospects by 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 equivalent to Ola, redBus, Zomato and UrbanClap.
The corporate just lately invested in automotive service and restore platform Pitstop to boost its declare settlement course of. Acko cofounder Ruchi Deepak had advised ET that the corporate is making an attempt to build a full-stack on-line automotive possession platform.
The startup, based in 2019, can be engaged on rising its medical insurance platform the place most insurers have seen elevated demand from prospects through the pandemic.
As per the most recent information from the Insurance coverage Regulatory and Growth Authority, Acko has underwritten premiums price Rs 110 crore in FY21 as much as August, which is 10% decrease than the identical interval final 12 months.