Acko raised $65 Million in a fresh funding round led by Binny Bansal in this sole capacity.
Binny Bansal invested$25 Million in funding round.
Acko has total raised$107Million till now and is valued $300
Flipkart co-founder Binny Bansal is active in news nowadays as an investor for startups. He in his sole capabilities is funding various innovative startups to assist in their success. Recently he has again invested $25 Million in Online Insurance Platform Acko’s $65 Million fresh funding round. Acko raised this huge fund from Binny Bansal, RPS Investment Fund led by former Softbank managing partner Kabir Mishra and new investor on its board Canada’s Intact Ventures Inc. Existing investors including TechPro Ventures, Amazon, SAIF Partners, and Accel participated in the funding round. This Mumbai based start-up has got maximum funds of $25 Million from the sole capacity of Flipkart’s co-founder Binny Bansal.
Prior to this fund round, Acko raised $12 Million in fundraising round held 10 months before led by E-commerce giant Amazon. According to media reports, Misra’s newly launched $200-250 million worth fund was aiming to invest around $5million in Acko in November previous year.
Acko is planning to use raised funds in enhancing distribution network and elaborating core technology platform and to maintain capital as per sector regulations. Acko till now has total raised$107 Million and present round of funding has hiked the company’s valuation to $300 Million.
Acko was launched in 2017 by Varun Dua founder of Coverfox and it uses analytics and data to offers highly personalized insurance products by means of its digital platform. It offers customer-focused product design, customized real-time pricing, instance-based products, and claim settlement and verification.
According to Karim Hirji, Senior Vice-President of Intact Ventures, “Varun along with his team has created an innovative approach by creating an impactful distribution partnership that permit millions of customers to protect assets that are meaningful to them.”
The startup works on direct to customer approach for providing insurance facility permitting for favorable risk selection and superior underwriting. Acko also gives bite-sized innovative insurance products such as rider insurance, mobile and appliance protection, ticket cancellation etc. The Company has Amazon, redBus, UrbanClap, Ola’s in trip insurance and Zomato as its partners and is becoming a tough competitor for others.
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