ACKO raises $60 million from Munich Re and other existing investors

Digital insurer, ACKO General Insurance, has raised $60 million in funding from investors led by Munich Re Ventures, along with participation from its other existing investors such as Amazon, RPS Ventures and Intact Ventures Inc. The amount raised will be used to accelerate the company’s growth in existing lines and expansion into new product lines.

The digital insurance company had raised around $36 million last year from Binny Bansal and Ascent Capital. Since its inception four years ago, it has raised around $200 million from various investors. Avendus Capital was the advisor to ACKO on this fundraise.

Its current crop of investors include Binny Bansal, Swiss Re, Transamerica Ventures, Ascent Capital, Barings Private Equity, VenturEast, Narayan Murthy’s Catamaran Ventures, Kris Gopalakrishnan, Atul Nishar, Hemendra Kothari, Rajeev Gupta, Aditya Agarwal, TI Platform, Subba Rao and Venk Krishnan.

Varun Dua, Founder & CEO of ACKO said, Munich Re’s 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.

ACKO is a first of its kind digital insurance company, which provides frictionless insurance to the ‘digitally savvy’ through an intuitive purchase experience, zero-paperwork and stress-free claims process. It has issued over 650 million policies to over 60 million unique customers. It has tie-ups with Amazon, Ola, redBus, Zomato and UrbanClap.

Oshri Kaplan, Director, Munich Re Ventures said,” 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”.

“We invest in companies that are redefining the future of insurance, and are excited to continue on this journey with ACKO by participating in this funding round”, said Karim Hirji, SVP & Managing Director of Intact Ventures.