ACKO, a India-based insurtech startup, announced this week it secured $60 million through its latest funding round, which was led by Munich Re Ventures.
Founded in 2016, ACKO claims it is India’s first and fastest-growing InsurTech company which makes buying and using insurance effortlessly.
“In a short span since its inception, Acko has partnered with major tech companies like Amazon, OYO and Ola, and is renowned for its innovative insurance products.”
Speaking about the investment round, Varun Dua, Founder and CEO, ACKO, reportedly stated:
“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 reinsurance companies globally, their investment shows confidence in our data and technology-driven business model.”
ACKO is also backed by Amazon, Accel, Catamaran Ventures, SAIF Partners, Swiss Re Transamerica Ventures, along with seasoned investors, including Ashish Dhawan, Kris Gopalakrishnan, Hemendra Kothari, Atul Nishar, Rajeev Gupta, Venk Krishnan, and Subba Rao. Last year, ACKO raised $36 million during its previous investment round, led by Ascent Capital.
The investment round’s funding will be used to continue the development of ACKO’s platform.