Acko raises $60 million from Munich Re – ETtech

Illustration: Rahul Awasthi

General insurance startup Acko has raised $60 million from German reinsurer Munich Re in its Series D funding round that also saw participation from existing investors including Amazon, RPS Ventures and Intact Ventures Inc, the company announced on Tuesday.

ET had reported on June 1 that Munich Re, which is among the largest reinsurers in the world, was in talks to infuse capital in the Bengaluru-based insurtech firm, valuing it between $400 million and $500 million. Acko in its announcement didn’t specify the valuation or other terms of the deal.

“Munich Re has been a strategic partner to Acko since inception and we are really excited to bring them on board as our investor,” said Varun Dua, founder and CEO of Acko. “As one of the largest reinsurance companies globally, their investment shows confidence in our data and technology-driven business model.”

The San Francisco-headquartered reinsurance giant specialises in investing in insurtech and new tech companies across the world. The latest round marks its foray into India’s insurance market.

“As Munich Re Ventures’ first investment in India, we look forward to the positive impact that digitally native insurance solutions will have on the country with Acko leading the way,” said Oshri Kaplan, Director, Munich Re Ventures.

Amazon-backed Acko operates primarily in three key segments – motor insurance, customised micro-insurance and health insurance – selling policies directly to customers through its own digital platform and in partnerships. It recently partnered with Amazon Pay for distributing two- and four-wheeler insurance.


Acko also continues to be the market leader in contextual bite-sized insurance products in partnership with leading players in the internet ecosystem such as Ola, redBus, Zomato and UrbanClap.

The company recently invested in car service and repair platform Pitstop to enhance its claim settlement process. Acko cofounder Ruchi Deepak had told ET that the company is attempting to build a full-stack online car ownership platform.

The startup, founded in 2019, is also working on growing its health insurance platform where most insurers have seen increased demand from customers during the pandemic.

As per the latest data from the Insurance Regulatory and Development Authority, Acko has underwritten premiums worth Rs 110 crore in FY21 up to August, which is 10% lower than the same period last year.

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