Digital insurance provider Acko has raised $255 million in a new financing round. The round is led by General Atlantic and Multiple Private Equity. According to a web portal report, the financing round has also seen participation from CPPIB, Lightspeed Growth and existing investors Intact Ventures and Munich Re Ventures.
According to Acko, the new investment has been received by the company at a valuation of $1.1 billion. Due to which this startup has entered the prestigious unicorn club. It has become the 34th startup to become a unicorn in India this year. With this, it is the second startup to become a unicorn in the insurance sector. Earlier Digit Insurance has also become a unicorn. Whose valuation is currently $3.47 billion.
Acko’s total funding this year is now $450 million. With the new financing round, the company’s valuation has doubled. Acko said in a press release that the company plans to use the capital to grow its auto insurance vertical in addition to micro-insurance products in travel, gadgets and appliances.
The startup claims to have over 70 million customers and has the largest market share in embedded insurance products such as mobility and gadget insurance across large digital consumer platforms like Amazon, MakeMyTrip, Ola, Urban Company, Bajaj Finance and others. It also covers nearly one million gig workers in the country through partnerships with companies including Acko, Zomato and Swiggy.