Online insurance startup Acko, is continuing to raise more money. According to the company’s regulatory filings (via Paper.vc), Acko is set to raise around $4.2 million in venture debut fund from Alteria Capital. The company has already received approval for the same from its shareholders to issue 3,000 NCDs of face value ₹100,000 each.
The development comes just months after Binny Bansal, co-founder of Flipkart, invested around $20 million in the company, raising his personal investment in the new-age insurance firm to $45 million.
In the same round, the company had received $16 million from growth stage investment firm Ascent Capital. Prior to this, the firm had raised $65 million Series C round and $12 million in Series B funding.
After raising $30 million in what was said to be the highest seed funding for an Indian startup in 2017, the company managed to raise an additional $12 million in Series A funding. It’s noteworthy that Acko is only one of the two insurance startups that has an IRDAI licence.
Acko was founded in 2016 by Varun Dua with an aim to offer insurance products of relevance catering to the needs of digitally-savvy consumers, offering intuitive purchase experience, cheaper prices and stress-free claims.
With customer centric product design and instance-based products, the company offers customized real-time pricing and instant claim verification and settlement. The firm’s advantage over competitors lies in its approach to consumers.
It uses a direct-to-consumer approach for distributing motor insurance, allowing for favourable risk selection and superior underwriting. It also offers innovative and bite-sized insurance products such as rider insurance, mobile and appliance protection, ticket cancellation etc in partnership with 15+ leading players in the internet ecosystem.
