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Insurance tech startup Acko raises funds from Ascent

Insurance tech startup Acko General Insurance Ltd has raised $16 million in fresh funding from growth capital provider Ascent Capital, according to the company’s filings with the registrar of companies (RoC), sourced from business intelligence platform

The Mumbai-based insure-tech startup received allotments of “10 equity shares of ₹10 each at a premium of ₹2,54,601 each…and 3,682 Series C1 CCPS (compulsory convertible cumulative preference shares) of ₹2,54,611″ from Ascent Capital, according to the filings.

Acko had earlier raised money from Binny Bansal, SoftBank’s Kabir Mishra, Amazon Inc., Accel Partners and Infosys founders Narayana Murthy and Kris Gopalakrishnan.

In March, it had secured a $65-million Series C round led by Bansal. In May 2018, Acko had secured a $12 million round led by Amazon India and Ashish Dhawan, founder of homegrown private equity fund ChrysCapital. In 2017, it had raised $30 million in seed money from Accel Partners and SAIF Partners, among others. To date, it has raised over $100 million.

The Acko management was not immediately available for comment.

Founded by Coverfox co-founder Varun Dua in 2016, Acko offers general insurance products, including auto, smartphone and travel insurance. The startup has built a diverse base of partnerships with consumer internet platforms across e-commerce and travel categories, besides auto manufacturers, to expand its customer base.

Acko has a tie up with cab-hailer Ola and other online travel aggregator platforms, such as RedBus and Goibibo, for offering online travel insurance. It has around 45 million registered customers and around 20 digital partners, including travel, cab-hailing, and e-commerce platforms.

It also offers smartphone insurance to Amazon customers directly on the checkout page for an annual payment of ₹399-1,250, depending on the price of the device.

The startup also holds a general insurance licence from the Insurance Regulatory and Development Authority of India (IRDAI), making it one of the two tech startups to formally receive an IRDAI licence. Go Digit General Ltd, backed by Fairfax Holdings, is the other startup to hold a general insurance licence.

Also published on Medium.

Published inStartups

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