Acko, an India-based insurtech firm, announced this week that it raised $12 million through its latest investment round, which was led by online retailing giant, Amazon. Founded in 2017 by Varun Dua, Acko describes itself as a digital insurance company that is looking to redefine insurance for consumers by offering lower prices, convenience and “stress-free” claims.
“Acko is here to make buying and using insurance really effortless. How do we ensure that? Insurance, say hello to technology. By adding technology to insurance, we have transformed something that’s long and tedious to something that’s quick and easy. And in the process, we’ve managed to fit something as massive as insurance in your pocket. Acko is digital first which means that you’ll be as comfortable using it as you are using your own smartphone.”
Acko also notably raised $30 million in funding through its previous seed round. The company has now secured $42 million in funding to date. Speaking about the investment in Acko, Amit Agarwal, SVP and Country Manager, of Amazon India reportedly stated:
“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.”
Due added the company are planning to use the investment round’s funds to strengthen its technology team to deliver data analytics and towards brand building activities.