Avendus Advises Acko on Its Series C Funding of USD 65 mn

The current round of funding demonstrates the confidence investors have in us and our ability to transform how insurance will be delivered. We are excited to put the company on a rapid growth trajectory with this round of funding,

We are very excited with the new partners coming on board. Mr. Binny Bansal’s experience in scaling a technology-first company will prove extremely helpful in the next leg of our journey. We are excited to be among the first investments of RPS Ventures, which has Softbank as its anchor investor. Intact Ventures is a pioneer in data and technology led insurance products in Canada, and we look forward to leveraging their expertise. We’re also glad to have Amazon’s continued support and look to build on the next wave of product innovation.

Acko’s success is representative of how technology is touching and disrupting every traditional industry. Acko is structurally well positioned to leverage the under-penetrated insurance industry by using technology both as a medium as well as an ecosystem to innovate and deliver new products hitherto unknown to consumers.

With this latest round of Series C funding, Acko’s total fundraise stands at USD 107 million. Previously, Acko raised USD 30 million in seed funding, one of the largest seed rounds for the Indian start-up ecosystem and later raised Series B funding of USD 12 million led by Amazon.

The company is backed by Amazon, Accel, SAIF, Narayan Murthy’s Catamaran Ventures, Swiss Re, Transamerica Ventures, Kris Gopalakrishnan – Co-founder of Infosys, Atul Nishar – Founder & Chairman of Hexaware Technologies, Hemendra Kothari of DSP Blackrock, Rajeev Gupta – Founder of Arpwood Capital,  Subba Rao of NuVentures and Venk Krishnan.

Recently, Acko was featured in Business Today Coolest Startups list and LinkedIn’s Top 25 Startups in India list. It has also been ranked No. 2 in Insurance POST’s Top 100 Global Insurtech firms 2018, after Zhong An of China and ahead of US-based Oscar, both of which are unicorns.