Digital Insurance Startup Acko In Talks To Raise Fresh Funding Round
Acko, a Bengaluru-based digital insurance startup, is in late-stage discussions to raise a new round from new and existing investors with over 2X premium in its valuation.
First reported by Entrackr, citing three sources, this would be Acko’s maiden round in 2022. The Bengaluru-based digital insurance startup will be valued in the range of $2-2.3 billion, as per sources.
Acko | Making Buying And Using Insurance Effortless
Started by Varun Dua and Ruchi Deepak in 2016, ACKO is a Bengaluru-based startup and India’s first digital insurer. The Bengaluru-based digital insurance startup sells directly to the consumer and passes on the benefit of middlemen cost to the consumers.
Its latest funding round has also added Binny Bansal, RPS ventures, and Intact ventures to its list of investors.
Earlier this year, Acko had launched individual and group health insurance. In addition to motor and health insurance, Acko has also partnered with leading Indian companies like MakeMyTrip, RedBus, Amazon, Ola, Zomato, and OYO, to offer trip insurance, electronics cover, and hotel-stay insurance on its platform.
The firm is backed by Amazon, Accel, Catamaran Ventures, SAIF Partners, Swiss Re Transamerica Ventures, and seasoned investors, including Ashish Dhawan, Kris Gopalakrishnan, Hemendra Kothari, Atul Nishar, Rajeev Gupta, Venk Krishnan, and Subba Rao.
Commenting on the development, one of the sources, requesting anonymity, said,
“Prosus [formerly Naspers] has been in talks with Acko for the past few months to lead a new funding round.” The source added that the talks have reached final stages and Prosus is likely to lead over $200 million in the new round.
During its last funding round, Acko said that it has amassed over 70 million customers.
Acko’s direct competitor Digit Insurance became the first unicorn of 2021. As per estimates, Digit Insurance is currently valued at $4 billion.
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