Digital insurance firm ACKO said it has raised Rs 441.8 cr in a funding round led by Munich Re Ventures. ACKO is planning to use the funds to accelerate its growth in existing lines and to expand into new product lines.
The funding round also saw participation from existing investors Amazon, RPS Ventures and Intact Ventures Inc.
ACKO has more than 60 million unique customers to date and founded by Varun Dua and Ruchi Deepak in 2016. It offers bite-sized insurance products in partnership with over 20 players in the internet ecosystem such as Amazon, Ola, redBus, Zomato and UrbanClap.
Varun Dua, Founder and CEO of ACKO, said “Munich Re has been a strategic partner to ACKO since inception and we are really excited to bring them on board as our investor. As one of the largest re-insurance companies globally, their investment shows confidence in our data and technology-driven business model.”
ACKO has announced its IPL partnership with Delhi Capitals to drive large scale brand awareness by engaging with a vast consumer base.
ACKO’s investors also include Binny Bansal, Accel, SAIF, Swiss Re, Transamerica Ventures, Ascent Capital, Barings Private Equity, VenturEast, Narayan Murthy”s Catamaran Ventures, Infosys Co-Founder Kris Gopalakrishnan and Hexaware Technologies Founder and Chairman Atul Nishar.