Insurtech startup Acko  turns unicorn after $255  million fundraising round

ACKO Insurance has become the latest Indian startup to join the unicorn club. The insurtech firm raised a whopping USD 255 million in Series D round at a valuation of USD 1.1 billion. The funding round was led by private equity firms General Atlantic and Multiples Private Equity.

The round also saw participation from Canada Pension Plan Investment Board and Lightspeed, as well as existing investors Intact Ventures and Munich Re Ventures. The latest capital exercise has brought the company’s all-time fundraise to USD 450 million. Amazon India, Accel, Elevation, Ascent Capital and Flipkart co-founder Binny Bansal are the other investors in Acko.

The Bengaluru-headquartered company is the 34th domestic startup and second insuretech platform to join the growing list of unicorns this year. Digit Insurance is another insurtech startup which became a unicorn in January, 2021. The transaction is subject to approval by the country’s insurance regulator, IRDAI.

“ACKO has meaningfully redefined the protection category for consumers and plans to continue innovating in the space. We strongly believe in supporting our customers in protecting their valued assets or the health and safety of their loved ones via a differentiated product and value-added service. Insurance and protection must work for people based on their unique risks and needs in a seamless, reliable fashion,” Varun Dua, ACKO’s Founder & CEO, said.

Founded in 2016 by Dua, ACKO has over 70 million customers, clocking a run-rate of approximately $150 million in premiums, and has a large compounding base who continue to renew with ACKO for their long-term protection needs.

Also Read: India can become world’s edtech capital: Amitabh Kant

The company plans to use the fund to grow its auto insurance vertical besides micro-insurance products across travel, gadgets and appliances, which together contribute nearly 80% of its total premiums, according to the company. The startup intends to further invest in the healthcare vertical and scale its team, particularly within technology, product and data science. has become the latest Indian startup to join the unicorn club. The insurtech firm raised a whopping US 255 million in Series D round at a valuation of USD 1.1 billion. The funding round was led by private equity firms General Atlantic and Multiples Private Equity.

The round also saw participation from Canada Pension Plan Investment Board and Lightspeed, as well as existing investors Intact Ventures and Munich Re Ventures. The latest capital exercise has brought the company’s all-time fundraise to USD 450 million. Amazon India, Accel, Elevation, Ascent Capital and Flipkart co-founder Binny Bansal are the other investors in Acko.

The Bengaluru-headquartered company is the 34th domestic startup and second insuretech platform to join the growing list of unicorns this year. Digit Insurance is another insurtech startup which became a unicorn in January, 2021. The transaction is subject to approval by the country’s insurance regulator, IRDAI.

“ACKO has meaningfully redefined the protection category for consumers and plans to continue innovating in the space. We strongly believe in supporting our customers in protecting their valued assets or the health and safety of their loved ones via a differentiated product and value-added service. Insurance and protection must work for people based on their unique risks and needs in a seamless, reliable fashion,” Varun Dua, ACKO’s Founder & CEO, said.

Founded in 2016 by Dua and Ruchi Deepak, ACKO has over 70 million customers, clocking a run-rate of approximately $150 million in premiums, and has a large compounding base who continue to renew with ACKO for their long-term protection needs.

Also Read: India can become world’s edtech capital: Amitabh Kant

The company plans to use the fund to grow its auto insurance vertical besides micro-insurance products across travel, gadgets and appliances, which together contribute nearly 80% of its total premiums, according to the company. The startup intends to further invest in the healthcare vertical and scale its team, particularly within technology, product and data science.