Insurtech firm Acko General Insurance Ltd has recently raised $36 million via an investment round led by Ascent Capital. This, according to Acko’s filings with the registrar of companies (RoC).
The Mumbai-headquartered insurtech company acquired allotments of “10 equity shares of ₹10 (appr. $0.14) each at a premium of ₹2,54,601 ($3,458) each…and 3,682 Series C1 CCPS (compulsory convertible cumulative preference shares) of ₹2,54,611″ from Ascent Capital.
Acko General has previously received funding from Amazon Inc., Accel Partners, Indian billionaire Binny Bansal, SoftBank’s managing partner Kabir Mishra, and Infosys founders, Narayana Murthy and Kris Gopalakrishnan. Bansal reportedly invested $20 million while Ascent Capital invested $16 million in this most recent funding.
In March 2019, Acko raised $65 million in a Series C investment round led by Bansal. In May of last year, Acko acquired $12 million in funding via a round led by Amazon India and Ashish Dhawan, founder of private equity fund ChrysCapital.
In 2017, Acko raised $30 million in seed capital from Accel Partners and SAIF Partners (among other investors). To date, the company has raised more than $100 million. Established in 2016 by Coverfox co-founder Varun Dua, Acko provides general insurance options, including automobile, cell phone and travel insurance.
The firm has entered several key partnerships with consumer internet-based service providers across the e-commerce and travel industries.
Acko has teamed up with cab-hailer service Ola and various other online travel aggregator services, including Goibibo and RedBus, for providing online travel insurance deals. The company has about 45 million registered clients and around 20 business partners, which mainly include travel, cab-hailing, and e-commerce service providers.
Acko provides smartphone insurance policies to Amazon’s clients directly on the checkout page for a yearly payment of ₹399-1,250 ($5.56-$17.42), depending on the cost of the phone. The firm also has a general insurance license from the Insurance Regulatory and Development Authority of India (IRDAI).
Before launching Acko, Dua co-founded insurance broking firm Coverfox, and worked in the finance industry for over a decade.