India insurance tech provider raises $60m

Munich Re Ventures, the US-based VC arm of German insurance company Munich Re, led the round, which also included RPS Ventures and Intact Ventures, a unit of Intact Insurance, Canada’s largest home, auto, and business coverage provider. The transaction reportedly values Acko at $500 million.

Acko has raised more than $200 million to date, according to AVCJ Research, including a $45 million round last year from Ascent Capital, Baring Private Equity India, and VenturEast. Amazon has been an investor since 2018, when it led a $12 million round. Previous investors also include SAIF Partners, Catamaran Ventures, Techpro Ventures, and Swiss Reinsurance Company.

Acko positions itself as a frictionless insurance provider for a digitally savvy clientele that leverages intuitive, zero-paperwork purchase and claims processes According to a statement, it has issued 650 million policies for more than 60 million unique customers since inception in 2016. This approach includes data-based personalized pricing and instant claim verification and settlement, as well as a partnership with Amazon Pay for distributing two and four-wheeler insurance.

Interest in Indian fintech start-ups among global corporates is supported by an emerging middle class and the growing economic presence of tech-savvy millennials, who are seen as representing a transition toward more of a spending-oriented culture. Partnering homegrown champions is also seen as a key method to resolving complex scaling challenges related to the fragmented nature of the markets across lower-tier cities and towns.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Financials
• Technology
• Expansion
• India
• Financial Services
• insurance