Amazon leads $12m round in e-insurer Acko
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MUMBAI: Amazon is leading a $12-million funding round in online-only insurance startup Acko General Insurance, as the e-commerce major takes a bet on the financial services segment in India. Ashish Dhawan, the founder of private equity fund ChrysCapital, has also joined the latest round, along with existing investor N R Narayana Murthy’s Catamaran Ventures.
The deal pegs Acko’s valuation at about $100 million, people close to the matter said. The company did not confirm the number. TOI was the first to report about Amazon holding talks with Acko for an investment in its January 2 edition. Amazon is expected to co-create financial products with the insurance tech startup, besides being its distributor.
The Mumbai-based Acko had spun off in 2016 as an independent entity after a restructuring at online insurance aggregator Coverfox, which saw its co-founder and CEO Varun Dua step down to kick-start the insurtech platform.
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