Insurance startup Acko Technology & Services Pvt Ltd said on Wednesday it has raised $60 million (Rs 441.4 crore).
The round in Bengaluru-based Acko has been led by Munich Re Ventures, the venture capital arm of Germany-based reinsurance company Munich Re Group.
This investment marks San Francisco-based Munich Re Ventures’ first Indian bet.
Other participants in the exercise include existing investors such as Amazon, RPS Ventures, and Intact Ventures Inc. Avendus Capital acted as the advisor to Acko on the fundraise.
This capital comes after Acko in March last year raised $65 million (around Rs 452.3 crore) in a Series C funding round. Participants in the round included Flipkart co-founder Binny Bansal, RPS Ventures, and Intact Ventures.
Acko, set up by Varun Dua and Ruchi Deepak in 2016, offers insurance for products such as health, car, bike, mobiles, and appliances.
It will use the capital it has raised to accelerate its growth in existing markets as well as expand into new product lines.
“As one of the largest reinsurance companies globally, their [Munich Re’s] investment shows confidence in our data and technology-driven business model,” Dua said. “We are happy to have mission-aligned investors who are also helping us with global expertise in insurance and technology.”
Other investors that have backed Acko in the past include Infosys co-founder Kris Gopalakrishnan, Accel, SAIF, Swiss Re, Ascent Capital, Ventureast, and Hexaware Technologies founder and chairman Atul Nishar.
The company reported consolidated net sales of Rs 111.5 crore for the 2018-19 financial year, according to VCCEdge, the data research arm of Mosaic Digital. It claims to have disbursed over 650 million policies to more than 60 million consumers so far.
The investment comes under a week after Acko announced an investment of $1.2 million (around Rs 8.8 crore) in car servicing platform Pitstop. It also has strategic partnerships with firms such as Amazon, Ola, redBus, Zomato, and Urban Company.