Digital insurance supplier Acko has raised $255 million in a new round led by General Atlantic and Multiples Private Equity. The round also saw participation from CPPIB, Lightspeed Growth and existing investors Intact Ventures and Munich Re Ventures.
According to Acko, the new assets have been raised at a valuation of $1.1 billion, making it the 34th unicorn this year to pave its way into the desired unicorn club in India. The company’s total supports raised now stand at $450 million. Beforehand, it had raised capital from Amazon, Accel, Elevation, Ascent Capital, Intact Ventures, Munich Re Ventures and Flipkart’s fellow benefactor Binny Bansal, among others.
This marks a two-overlap bounce in the company’s valuation which was valued at around $500 million during its last funding round in September 2020.
Acko plans to utilize the capital to develop its auto insurance vertical other than miniature insurance items across travel, gadgets and appliances, said the company in an official statement.
Acko claims that it has more than 70 million customers and has one of the largest market shares in installed insurance items like portability and gadget insurance across large digital shopper platforms like Amazon, MakeMyTrip, Ola, Urban Company, Bajaj Finance and others.
In addition, it also covers nearly 1,000,000 gig laborers in the country through partnerships with companies including Zomato and Swiggy.
Acko is the second startup in the insurance space to turn unicorn this year. The company’s immediate competitor Digit Insurance became the main unicorn of 2021 and is right now valued at $3.47 billion.
Overall, the Indian startup biological system has seen 34 unicorns so far this year and a grip of startups, for example, Livspace, Spinny and DealShare are in the pipeline to join in soon. Entrackr had solely announced that the three companies are in talks to raise a new round at more than $1 billion.
