[Funding alert] Insurtech startup ACKO raises $60M led by Munich Re Ventures
Bengaluru-based insurtech player ACKO on Wednesday announced it has raised $60 million funding round led by 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 said it plans to use the funds to accelerate its growth in existing lines and expansion into new product lines.
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.”
Founded by Varun Dua and Ruchi Deepak in 2016, ACKO is a digital-native insurance company. By having a direct relationship with the customer, ACKO aims to fundamentally change how consumers interact with and experience insurance.
It claims to provide frictionless insurance to the ‘digitally savvy’ through an intuitive purchase experience, zero-paperwork, and stress-free claims process. The firm said it has issued over 650 million policies to over 60 million unique customers to date.
ACKO addresses insurance needs through data-based personalised pricing and instant claim verification and settlement. It recently partnered with Amazon Pay for distributing two and four-wheeler insurance.
ACKO’s employee health plan combines the benefits of insurance, primary care, and wellness, and claims to have witnessed strong appeal from employers, scaling to 150K+ insured employees within just six months of launch. ACKO said it also continues to be a market leader in contextual bite-sized insurance products in partnership with 20+ leading players in the internet ecosystem such as Amazon, Ola, redBus, Zomato and UrbanClap.
Recently, the company announced its IPL partnership with Delhi Capitals to drive large-scale brand awareness by engaging with a vast consumer base at the biggest cricketing league in the world.
“As Munich Re Ventures’ first investment in India, we look forward to the positive impact that digitally native insurance solutions will have on the country with ACKO leading the way," added Oshri Kaplan, Director, Munich Re Ventures.
Munich Re Ventures, founded in 2015 and headquartered in San Francisco, has made 30 investments in insurtech and new technology companies globally.
Avendus Capital was the advisor to ACKO on this fundraise.
Recently, ACKO also announced a strategic investment of $1.2 million in Pitstop, a Bengaluru-based full-stack car service and repair platform.
Edited by Megha Reddy