Online insurance platform Acko has raised about $65 million in a fresh round from Flipkart founder Binny Bansal and former Softbank managing partner Kabir Mishra’s led RPS Investment Fund.
Apart from the duo, Canada’s Intact Ventures Inc has come as a new investor on Acko’s board. Existing investors Amazon, Accel, SAIF Partners, and TechPro Ventures also participated in the round.
Interestingly, Binny Bansal has made the highest investment in his personal capacity by putting $25 million in the Mumbai-based startup.
The fresh round comes within 10 months of Acko’s $12 million Series A round led by e-commerce giant Amazon. In November, media reports suggested that Misra’s newly launched $200-250 million worth fund was looking to invest around $5 million in Acko.
Acko will use the fresh capital for capital compliance as per sector regulations besides ramping up core technology platform and distribution network.
Till date, Acko has raised about $107 million and the latest round may push the company’s valuation close to $300 million.
Launched by Varun Dua, Acko was spun off from Coverfox where Dua was the CEO. Later Dua left the company to head Acko. Soon after founding Acko as a separate entity, the company raised one the highest seed funding round worth $30 million.
Acko essentially utilises data and analytics to provide highly personalised insurance products through its digital platform.
The company is a partner in Ola’s in-trip insurance and counts Amazon, Zomato, RedBus, UrbanClap among others as partners.
The development was reported by TOI.