The New Age Insurer, ACKO is one of India’s first digital-native insurers and has introduced the direct-to-consumer auto insurance space in the country. It became the 34th Indian Unicorn after raising a $255 M fundraise, under its Series D round led by private equity firms General Atlantic and Multiples Private Equity. The company has valued $1.1 B.
Canada Pension Plan Investment Board and Lightspeed Growth also participated in the round with the other investors. The transaction is subject to approval by Insurance Regulatory and Development Authority of India (IRDAI).
This made ACKO to enter the India’s growing list of unicorns, being the 34th company and the second insurtech startup to do so in this year. The total funds raised by ACKO stands for around $450 M.
Acko founder and chief executive officer Varun Dua confirmed that the company is looking forward to the coming month’s rounds to expand in all spheres. Amazon India, Accel, Elevation, Ascent Capital, Intact Ventures, Munich Re Ventures and Flipkart’s co-founder Binny Bansal, etc, are some of the investors in ACKO.
— Business Today (@business_today) October 28, 2021