This Indian insurance startup may be worth $300 million in just over two years

India has seen a rise of insurtech startups.Representative image from pixabay.com
  • Insurtech startup Acko has raised $65 million in a series C round.
  • Founded by Varun Dua in 2016, the startup has marquee investors like Amazon, Accel Partners, SAIF Partners among others.
  • This funding round takes Acko’s valuation to a reported $300 million.
Insurance technology startup Acko has raised $65 million from Binny Bansal, former Flipkart co-founder, and Kabir Misra, former SoftBank Managing Partner.

The series C funding round with a reported valuation of $300 million also saw participation from Intact Insurance (Canada’s property and casualty insurer) and existing marquee investors like Amazon, Accel Partners, SAIF Partners and TechPro Ventures.

Acko, was founded by Varun Dua in 2016, and has gone on to make its mark in the Indian insurtech industry.

In the recent past, Acko has been signing partnerships one after the other venturing into different verticals within insurance. The insurtech startup tied up with Goibibo to offer travel insurance to the latter’s users. Acko also partnered with DriveU to offer trip cover to car owners who opt to hire drivers from the latter’s platform.

Interestingly, the startup also formed a partnership with AU Small Finance Bank in early March to bring about customised insurance deals for their users.

India has seen a slow penetration of the insurance sector but things are changing now. According to reports, the Indian insurance industry is set to grow to $280 million by 2019-20. India has also seen a surge in insurtech startups with the likes of Policybazaar also gaining unicorn status.

See Also:
India’s two startup icons switch to the other side — as venture capitalists
Why India’s Unicorn Founders Backed This Barely Two-Year-Old Legal Tech Startup
Watch Out Uber. Sachin Bansal Gets Ola Share After Selling Flipkart
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