India-based digital insurer Acko has raised $225m from a Series D funding round led by General Atlantic and Multiples Private Equity.
The round also saw participation from Canada Pension Plan Investment Board, Intact Ventures, Munich Re Ventures and Lightspeed. Following this recent raise, Acko is now valued at $1.1bn.
Founded in 2016, Acko uses data and analytics around customer behaviour to create personalised digital insurance products. Policies available from the Mumbai-headquartered firm are for car, bike and mobile protection.
According to Coverager, Acko is also backed by Amazon. The company intends to invest more in its health insurance vertical following this recent round.
Acko founder and CEO Varun Dua said, “We will continue to scale and innovate in our flagship auto insurance business. We also continue to deepen our health strategy and intend to invest over $150 million in the health business soon. We believe health insurance products, claims innovation and a deeply connected ecosystem of health services that improve health outcomes for customers are today’s most urgent needs.”
General Atlantic managing director Shantanu Rastogi added, “Acko has developed a differentiated and scalable business model based on a singular customer focus, value-based pricing, highly-rated service and deep technology capabilities. We believe that Acko has the potential to emerge as an insurer-of-choice for the 100 million-strong digitally-native Indian customer base over the next decade and can play a meaningful role in shaping the future of insurance in India.”
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