Acko, Mumbai based insurance startup, has raised ₹80 crores ($12 Million) in a funding round led by global eCommerce giant, Amazon. Other investors in the current funding round included Ashish Dhawan (Founder – ChrysCap) and Catamaran Ventures (personal investment arm of NR Narayan Murthy). This is the second fund-raise by Varun Dua led startup. Acko had earlier raised ₹200 Crores ($30 Million) as seed fund in May 2017.
With the raised funds, Acko plans to invest more in the technology to give a seam-less experience to the customers for claims. With this, it also plans to invest heavily in marketing and business development.
Started in 2017 by ex-Coverfox co-founder Varun Dua, Acko promises to get car and bike insurance to the customers in under 1 minute. Currently, the startup sells insurance in 4 categories, including cars, bike, ola ride and mobile protection.
Speaking on the development, Varun Dua, CEO – Acko stated that the latest funding round is a validation that Acko has been moving in the right direction with its approach and on-boarding of investors like Ashish Dhawan and Amazon are an example for that. He added that Acko will continue to innovate in order to address the financial need of customers in the country.
Amit Agarwal, senior vice-president and country manager at Amazon India, said in a statement, “Acko is a young and nimble startup bringing technology and data-led innovation to the insurance sector to deliver a better insurance experience for customers. We are excited to back companies that are focussed on using technology for enhanced customer experience and are led by missionary founders and management teams.”
In the seed round, where Acko had raised ₹200 Crores, the investors included Catamaran Ventures; Venk Krishnan and Subba Rao of NuVentures; Kris Gopalakrishnan; Hemendra Kothari of DSP Blackrock; Atul Nishar, founder and chairman of Hexaware Technologies; Rajeev Gupta, veteran investment banker and founder of Arpwood Capital, Accel Partners, and SAIF Partners.
In January this year, The Indian Wire had done a report stating that Acko was in final talks with Amazon to raise investment.