Online insurance startup Acko General Insurance has raised $65 million from Flipkart co-founder Binny Bansal, RPS Ventures led by Kabir Misra (former Softbank Managing Partner), and a new investor Intact Ventures which is the corporate venture arm of Canada's largest property and casualty insurer Intact Insurance, it announced in a release on Wednesday.
The general insurance company got the funding in its Series C round that also saw participation from existing investors such as Amazon, Accel Partners, SAIF Partners and TechPro Ventures which is the family office of Hexaware founder Atul Nishar. Avendus Capital was the advisor to Acko in this deal.
With this latest round of fund infusion, Acko's total funds raised now stand at $107 million. The amount invested by Binny Bansal is reportedly to the tune of $25 million. The online insurance startup had also raised $12 million in 2018 in Series A funding led by Amazon.
The company in 2017 had raised $30 million - one of the highest seed funding in the Indian startup ecosystem from Infosys co-founder Kris Gopalakrishnan, Narayanan Murthy's Catamaran Ventures, Accel Partners and SAIF Partners.
"We are excited to put the company on a rapid growth trajectory with this round of funding. Insurance is a capital-intensive sector and as we grow, we will be raising more capital in compliance with the guidelines of the regulator," Acko founder Varun Dua said in a release.
"Technology-led insurance is expected to play a significant role in the growth of the underpenetrated insurance sector in India. Acko is the pioneer of digital-native insurance and I am delighted to partner in its exciting growth journey," Binny Bansal too stated.
The insurance startup was founded by Dua in 2016 offering insurance products to digital savvy customers.