India-based InsurTech platform Acko raises $12m

Online insurer company Acko General Insurance has raised a $12m funding round led by Amazon.

ChrysCapital founder Ashish Dhawan also made a contribution to the investment, alongside existing backer Catamaran Ventures.

Founded in 2016, the company uses data and analytics around customer behaviour to create personalised digital insurance products. Policies available from the Mumbai-based company are for car, bike and mobile protection.

Ashish Dhawan said, “The insurance industry is ripe for innovation as data and technology embed themselves in the ecosystem. Acko has a unique opportunity to not only make traditional insurance products more accessible to Indians, but also create new categories and significantly improve the customer experience.”

This investment brings Acko’s total funding efforts to nearly $42m. Its previous funding round was a $30m seed round last year from backers including Infosys co-founders Narayana Murthy and Kris Gopalakrishnan.

Other backers to Acko include Accel Partners, SAIF Partners, Swiss Re Reinsurance, Venk Krishnan and Subba Rao of NuVentures, Hemendra Kothari of DSP Blackrock, Hexaware founder and chairman Atul Nishar, and Arpwood Capital founder Rajeev Gupta.

Earlier in the week, fellow Indian insurance platform Toffee Insurance closed its seed round on $1.5m. The round, which was led by Kalaari Capital, Omidyar Network, and Accion Venture Lab, was raised to support the development of its insurance and consumer analytics solution.

Copyright © 2018 FinTech Global

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