Acko, an insurtech player, based out of Bengaluru, has acquired Mumbai-based online car buying portal VLer Technology.
With this acquisition, Acko is getting deeper into strengthening their auto-ecosystem.
VLer’s capabilities and know-how will help the company improve its offering and provide better customer satisfaction across the entire lifecycle of car purchase and usage, cited yourstory.com
“Insurtech is our core and major focus area. Our next steps on this are to track down various data points on customer behaviour, usage patterns to enhance insurance and underwriting technology. We believe with the domain expertise of VLer team, it will help us leverage this faster,” Ruchi Deepak, co-founder of Acko said.
Founded by Varun Dua in 2016, Acko General Insurance provides relevant insurance products, catering to the needs of the digitally-savvy consumer.
The online insurtech provider startup also offers innovative and bite-sized insurance products such as rider insurance, mobile and appliance protection, and ticket cancellation, and has partnered with more than 15 consumer internet players including Ola, Amazon, redBus, Zomato and UrbanClap.
VLer was started by Sanjay Bharti and Akash Saxena in 2016. Having several years of experience in the technology and retail domain between themselves, both the co-founders joined Acko Technology team.
The company has been working on solving the broken car retail experience in the country since 2016. Its core premise was around bringing in a fluid, transparent, and haggle-free experience of purchasing a car, primarily digitally.
In March 2019, Acko raised $65 million as a part of its Series C round from Binny Bansal, Co-founder and former CEO of Flipkart, RPS Ventures led by SoftBank’s former managing partner Kabir Misra, and Intact Ventures, corporate venture arm of Canada’s largest property and casualty insurer.
With this latest round of Series C funding, Acko’s total funds raised stands at $107 million.