Insurance firm ACKO on Wednesday said it has raised USD 60 million (about Rs 441.8 crore) in a funding round led by Munich Re Ventures.
The funding round also saw participation from existing investors Amazon, RPS Ventures and Intact Ventures Inc, the corporate venture arm of Canada's largest property and casualty insurer (Intact Financial Corporation), according to a statement.
ACKO plans to use the funds to accelerate its growth in existing lines and to expand into new product lines, it added.
Founded by Varun Dua and Ruchi Deepak in 2016, ACKO has more than 60 million unique customers to date. It offers bite-sized insurance products in partnership with over 20 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.
"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 re-insurance companies globally, their investment shows confidence in our data and technology-driven business model," Varun Dua, Founder and CEO of ACKO, said.
Munich Re Ventures, headquartered in San Francisco, has made 30 investments in insurtech and new technology companies globally.
"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," Oshri Kaplan, Director at Munich Re Ventures, said.
Avendus Capital was the advisor to ACKO on this fundraise.
ACKO's investors also include Binny Bansal, Accel, SAIF, Swiss Re, Transamerica Ventures, Ascent Capital, Barings Private Equity, VenturEast, Narayan Murthy's Catamaran Ventures, Infosys Co-Founder Kris Gopalakrishnan and Hexaware Technologies Founder and Chairman Atul Nishar.
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