Bengaluru-based insurtech start-up Acko has raised $60 million in its Series D funding led by Germany-based Munich Re Ventures, with participation from existing investors Amazon, RPS Ventures and Intact Ventures Inc., which is the corporate venture arm of Canada’s largest property and casualty insurer.
Acko plans to use the funds to accelerate its growth in existing lines and expansion into new product lines, the company said in a statement.
Founded four years back by Varun Dua and Ruchi Deepak, Acko claims to be India’s first digital-native insurance company that sells directly to consumers digitally. The company said it has issued over 650 million policies to over 60 million unique customers to date.
“Munich Re has been a strategic partner to Acko since inception and we are really excited to bring them on board as our investor. As one of the largest reinsurance companies globally, their investment shows confidence in our data and technology-driven business model,”said Varun Dua, founder and CEO, Acko.
Munich Re Ventures, founded in 2015 and headquartered in San Francisco, has made 30 investments in insurtech and new technology companies globally.
“We’re excited to join forces with one of the leading digital insurers in India, as well as other investment partners, to help support Varun and his impressive team as they continue their journey,” said Oshri Kaplan, Director, Munich Re Ventures.
Acko sells policies directly to customers through its own digital platform in three areas of motor insurance, customised micro-insurance and health insurance. It recently partnered with Amazon Pay for distributing two- and four-wheeler insurance. Acko has also collaborated with leading players in the internet ecosystem such as Amazon, Ola, RedBus, Zomato and UrbanClap for bite-sized insurance products.
“Since our first investment in Acko which was made last year, it has scaled quickly to become the leading digital insurer in India by leveraging data and technology to create a unique customer-centric experience,” said Karim Hirji, senior vice-president & managing director of Intact Ventures.