The Mumbai-based digital insurance platform Acko has announced that it has raised USD 16 million in a funding round led by Ascent Capital, a private equity firm.
The company was founded in November 2016 by Varun Dua and has raised USD 65 million in March through a funding round led by Flipkart founder Binny Bansal and Kabir Mishra-led RPS Investment Fund. Bansal in this funding has pumped USD 25 million personally.
This is the company’s second investment this year.
Acko is one of the coveted startups in India which has managed to raise funding of USD 30 million as seed funding which normally ranges between USD 10,000 TO USD 2 million.
The company is backed by firms like Accel, SAIF Partners, and Amazon.
The company provides highly director-to consumer automotive insurance products using data and analytics. It also works with third parties to provide micro-insurance facilities around services to other brands.