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Indian online insurance brokerage Acko has raised US$12 million in its latest funding round, which featured global e-commerce giant Amazon as one of the leading investors.
Other investors in the said round are Ashish Dhawan, the founder of private equity firm ChrysCapital, and existing backer Catamaran Ventures, Techcrunch reported.
In 2016, Acko was founded by Varun Dua, one of the co-founders of insurance comparison website Coverfox, which recently raised US$22 million in a funding round of its own. As access to the internet becomes more common in India, Acko seeks to leverage that growth to create a digital-only business model which aims to disrupt the country’s traditional insurance market.
In May 2017, Acko gained US$30 million in funding from venture capital and angel investors, including Accel Partners and SAIF Partners, even before it obtained its licence to offer insurance in September.
The Mumbai-based insurance start-up partnered with ride-hailing firm Ola in April to provide insurance coverage for passengers. The claims submission system is integrated into Ola’s app, simplifying the claims process.
“Acko is a young and nimble start-up bringing technology and data-led innovation to the insurance sector to deliver better experience for customers,” Amit Agarwal, senior vice president of Amazon India, said in a statement. “We are excited to back companies that are focused on using technology for enhanced customer experience and are led by missionary founders and management teams.”
