Digital insurer Acko raises Rs 1,910 crore from General Atlantic, others

Digital insurance provider Acko on Thursday said it has raised over Rs 1,910 crore (USD 255 million) from a clutch of investors led by global growth equity firm General Atlantic and Multiples Private Equity.

Acko announces a USD 255 million Series D fundraise led by General Atlantic and Multiples Private Equity, a pre-eminent India focused private equity firm, it said in a release.

See Zee Business Live TV Streaming Below:

The round also included participation from Canada Pension Plan Investment Board and Lightspeed, a global technology-focused investment firm, as well as existing investors Intact Ventures and Munich Re Ventures.

"This fundraise values the company at USD 1.1 billion. The transaction is subject to approval by the country's insurance regulator, Irdai," the insurer said.

A direct-to-consumer auto insurance provider, Acko also services embedded insurance products like mobility and gadget insurance across large digital consumer platforms like Amazon, MakeMyTrip, Ola, Urban Company, Bajaj Finance and others.

It also covers nearly a million gig workers in the country through partnerships with companies, including Zomato and Swiggy, with bespoke coverage to protect this large and rapidly growing workforce.

Last year, it entered the significantly underpenetrated health insurance sector. The company's flagship retail health insurance product is due to launch by early next year, it said.

"Acko has meaningfully redefined the protection category for consumers and plans to continue innovating in the space," Varun Dua, Founder & CEO, Acko, said.

Acko has in total raised USD 450 million (Rs 3,369.27 crore).

Previously, it raised capital from investors, including Amazon, Accel, Elevation, Ascent Capital, Intact Ventures, Munich Re Ventures and Flipkart's co-founder Binny Bansal, among others.

The company has over 70 million (7 crore) customers, clocking a run-rate of approximately USD 150 million in premiums, it said.