Insurtech startup ACKO has raised $60 million funding round led by Munich Re Ventures.

The funding round saw participation from existing investors Amazon, RPS Ventures, and Intact Ventures Inc.

As per the startup, it plans to use the fund amount to accelerate its growth in existing lines, and it also plans to expand into new product lines.

Started in 2016 by Varun Dua and Ruchi Deepak, ACKO is a Bengaluru-based startup and India’s first digital insurer. Also, it is currently the fastest-growing insurance company in the country.

As per ACKO, it has issued over 650 million policies to over 60 million unique customers to date.

Varun Dua, Founder and CEO, ACKO, said,

“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. This confidence is further reinforced by the continued support of our existing investors, Amazon, Intact and RPS Ventures.”

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