Insurance • Unicorn • India • Insurer • Funding • Startup company

 

ETtech
Varun Dua, cofounder and chief executive, Acko
General insurance startup Acko has raised $255 million in a new funding round led by private equity majors General Atlantic and Multiples Private Equity, valuing the four-year-old company at $1.1 billion.

Canada’s largest pension fund, CPPIB, and Lightspeed Growth as well as existing investors Intact Ventures and Munich Re Ventures also participated in the funding round.

ET reported on June 29 that the Bengaluru-based company was in talks with General Atlantic and others for infusing capital. Acko which is the newest Indian unicorn was last valued at around $400 million last year. Unicorns are privately held companies valued at $1 billion or more.
Founded in 2016 by Dua after he left online insurance aggregator Coverfox, Acko provides offerings in auto, health and travel insurance segments where it has partnered with the likes of cab-aggregator Ola and Amazon for bite-sized insurance covers available through their respective apps.

The funding comes at a time when insurtech firms across the world have seen strong demand from customers as disruptions due to the Covid-19 pandemic led to more awareness about insurance.


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