Amazon-backed Indian online insurer Acko valued at $ 1.1 billion in new funding round

General Atlantic and local private equity firm Multiples Private Equity led a $ 225 million financing in Acko General Insurance, valuing the Indian online insurer at $ 1.1 billion.

Existing investors, including the Canada Pension Plan Investment Board and Lightspeed, a global technology-focused investment firm, have also participated in the Series D, Acko said in a statement Thursday.

The Amazon.com-backed startup is part of a unicorn boom in India. Acko intends to invest $ 150 million in the healthcare sector and grow its team, especially in the area of ​​technology, products and data science, said Varun Dua, founder and CEO. . Bloomberg News reported on Friday that General Atlantic was in advanced talks to invest in Acko.

Founded in 2016, Acko is one of India’s leading digital insurers, according to its website. The company has more than 400 employees and has sold policies covering cars, motorcycles and even taxi passengers to more than 50 million customers. It also offers health insurance and coverage for electronic devices.

Besides Amazon, the startup also counts Accel Partners, Catamaran Ventures and SAIF Partners among its investors, the site indicates. He has raised $ 450 million so far, according to the statement on Thursday.

Photograph: Vehicles and pedestrians cross an intersection in Lucknow, Uttar Pradesh, India on Tuesday, February 14, 2017. Photo credit: Prashanth Vishwanathan / Bloomberg.

Copyright 2021 Bloomberg.

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