Mumbai: Online insurer Acko General Insurance Ltd Tuesday said it has raised $65 million in a round led by Flipkart co-founder Binny Bansal and a fund led by former SoftBank managing partner Kabir Misra.
Existing investors that participated in the round included Amazon, Accel, SAIF and TechPro Ventures.
While it is not clear who led the round, a Hindu Business Line report said that Bansal had invested $25 million in his personal capacity. Likewise, a TechCrunch report pegged the company’s valuation at $300 million.
This will be Bansal’s largest personal investment having cut smaller cheques previously to back early-stage startups. The funding round also saw participation from existing investors Amazon, Accel Partners, SAIF and TechPro Ventures valuing the company at around $250-300 million.
Founded by Varun Dua in 2016, Acko General Insurance provides relevant insurance products, catering to the needs of the digitally-savvy consumer. The company uses a direct-to-consumer approach for distributing motor insurance, allowing for favourable risk selection and superior underwriting.
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