Insurance firm ACKO on Wednesday said it has raised about Rs 441.8
crore in a funding round led by Munich Re Ventures
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.
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