News Technology29 May 2018

India:Online insurance startup raises US$12 mln in new funds

29 May 2018

Online insurance startup Acko Technology and Services has raised $12 million in a fresh round led by Amazon India, the company has said in a statement.

New investor Ashish Dhawan and existing investor Catamaran Ventures, owned by Narayana Murthy, also participated in the funding round, reports Livemint.

The fresh infusion takes Acko’s total equity funding to about $42 million.

The online insurance platform raised $30 million in seed money in May 2017 from venture capital and angel investors, including Accel Partners, SAIF Partners and Kris Gopalakrishnan, among others.

Founded by Coverfox co-founder Varun Dua in 2016, Acko offers general insurance products such as auto and smartphone insurance on its online platform.

The startup also has a partnership with Ola for providing trip insurance to the ride-hailing firm’s customers.

In an interview in July last year, Mr Dua had said that the online insurance platform, which had received its licence from IRDAI last September, was also considering foraying into the health insurance space with products for dental treatment, besides schemes for pets.

He had also said Acko will not have offline branches for sales, but will operate offline centres for insurance claims.

The online insurance platform competes with Coverfox, which had recently raised $22 million, besides Fairfax Financial Holdings-backed Digit Insurance, and Policybazaar, which counts Tiger Global and Premji Invest as its investors.

Digital payments firm Paytm, which claims to have 300 million users, had also floated two new insurance units in February to offer non-life and general insurance products.



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