India-based Acko said to raise $65m in a Series C round

India-based InsurTech Acko General Insurance has reportedly secured $65m in a Series C round of funding.

The capital injection was led by Amazon and also received commitments from former CEO of Flipkart Binny Bansal, Intact Ventures, RPS Ventures, Accel, SAIF, and TechPro Ventures, according to various reports in the media.

Following this funding round, the company has raised a total of $107m and its valuation is around $300m, TechCrunch reports citing a ‘reliable source.’

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.

Insurance policies cover accidents, fire, theft, calamities, third-party losses, and car owner cover, while illegal driving, non-accidental damage, and tyres, rubes and engine are not protected. In order to streamline claims, Acko arranges for a car to be picked up within an hour for repairs. If the car is taken for repair, the InsurTech supplies cab vouchers for the policyholder’s daily commute.

last year, the company raised $12m in a funding round led by Amazon and received support from Catamaran Ventures and ChrysCapital founder Ashish Dhawan.

There have been a number of auto insurance companies to close funding round recently. Last week, German digital insurance startup Friday sealed €114m of new investment capital from VC and trade sources.

Copyright © 2019 FinTech Global

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