Acko enters Unicorn Club with $255Mn investment at $1.1Bn valuation

Bengaluru-based Acko, the home grown company a digital insurance provider has raised $255 million as a part of its Series D round led by private equity firms General Atlantic and Multiples Private Equity, at a valuation of $1.1 billion and became the 34th Indian startup to turn unicorn in 2021.

The round also involved participation from Canada Pension Plan Investment Board and Lightspeed and current investors Intact Ventures and Munich Re Ventures, overall valuing the Company at USD 1.1 billion. Acko’s entire funds raised now reached $450 million. The other investors include Amazon, Accel, Elevation, Ascent Capital, Intact Ventures, Munich Re Ventures and Flipkart co-founder Binny Bansal, among others.

The five-year-old insur-tech start-up plans to use the funds to grow its auto insurance vertical as well as micro-insurance products across travel, gadgets and appliances, which together contribute close to 80% of the firm’s total premiums.

Acko claims that it has over 70 million customers and has one of the largest market shares in embedded insurance products like mobility and gadget insurance across large digital consumer platforms like Amazon, MakeMyTrip, Ola, Urban Company, Bajaj Finance and others.

Varun Dua, Acko’s Founder & CEO said, “We have succeeded on the auto front and will continue to scale and innovate in our flagship auto insurance business. We also continue to deepen our health strategy and intend to invest over USD 150 million in the health business in the near future,”