Online insurance policy provider Acko on Sunday said it has received a funding of $12 million (about ₹81.2 crore), led by Amazon.
The latest funding has also seen participation from Chrys Capital founder Ashish Dhawan and existing investor Catamaran Ventures (Infosys co-founder NR Narayana Murthy’s private investment firm), Acko founder Varun Dua told PTI.
He added Acko has raised a total equity funding to nearly $42 million till date.
“We will use the funds to strengthen our technology teams to deliver data analytics and towards brand building activities,” Dua said.
He, however, declined to comment on the valuation of the company post the transaction.
“Acko is a young and nimble start-up bringing technology and data-led innovation to the insurance sector to deliver a better insurance experience for customers. We are excited to back companies that are focused on using technology for enhanced customer experience and are led by missionary founders and management teams,” Amit Agarwal, SVP and Country Manager, Amazon India, said in a statement.
Acko’s other investors include Accel Partners, SAIF Partners, Swiss Re Reinsurance Holding Company Ltd, Transamerica Ventures Fund as well as Venk Krishnan and Subba Rao from NuVentures.
Infosys co-founder S Gopalakrishnan, Hemendra Kothari (DSP Blackrock), Atul Nishar (Founder and Chairman of Hexaware Technologies) and Rajeev Gupta (founder of Arpwood Capital) have also invested in the company.
Set up in 2016, Acko leverages data and analytics to provide personalised insurance products through its digital platform.
Dua said the company is also looking at offering products in the travel insurance and healthcare space in the coming months.
The company currently offers car and bike insurance as well as mobile protection. It has also partnered cab aggregator Ola to offer in-ride insurance to riders.