Digital insurance company Acko has become the latest entrant to the unicorn start-up club in India after raising $255 million in the Series D round led by General Atlantic and Multiples Private Equity. Unicorn status is achieved by privately held entities that surpass the valuation of $1 billion. The insurance company, which now has a valuation of $1.1 billion, is the 34th Indian startup to achieve unicorn status in 2021, reported Moneycontrol.
Apart from Acko’s existing investors Intact Ventured and Munich Re Ventures,the funding round also saw participation from Canada Pension Plan Investment Board and Lightspeed. The total fundraiser by the company now stands at $450 million. Acko now plans to diversify its investments into the healthcare vertical and scale its team-up within the product, technology and data science.
Acko’s founder and CEO Varun Dua said that while the company will continue to scale up its flagship auto insurance business, it also aims to invest over $ 150 million (approximately Rs 1.1 crore) in the health business in the near future. “We believe health insurance products, claims innovation and a deeply connected ecosystem of health services that improve health outcomes for customers are today’s most urgent needs,” he said.
Acko entered the health insurance business in 2020 with a focus on the employer-employee segment. The company now plans to enter the retail health insurance business by next year.
Since its launch in 2016, Acko has expanded its customer base to over 70 million, cocking approximately $150 million in premiums.
Acko’s investors include e-commerce giant Amazon, Ascent Capital, Elevation, Accel, Intact Ventures, Munich Re Ventures, Flipkart co-founder Binny Bansal among many others. Apart from the flagship auto insurance business, Acko is also involved in embedded insurance products like mobility and gadget insurance across digital consumer platforms like Amazon, Ola and others
The company has also partnered with online food delivery platforms like Swiggy and Zomato to give insurance to its gig workers.
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