Acko General Insurance has raised the largest round for an Indian InsurTech startup to date. The Mumbai-based startup picked up $30m in a Seed round from backers including Infosys co-founders Narayana Murthy and Kris Gopalakrishnan.
Venk Krishnan and Subba Rao of NuVentures, DSP Blackrock’s Hemendra Kothari, Hexaware Technologies founder and chairman Atul Nishar and Arpwood Capital founder and veteran investment banker Rajeev Gupta also participated.
The company received regulatory approval to launch a fully-digital general insurance business in August and aims to fill the gap for cheaper items such as two-wheelers and bikes, as well as cars.
Acko was launched by CoverFox founder Varun Dua and will use the capital to build out its technology around data analytics and distribution, as well as invest in marketing.
Dua commented: “Insurance world over and especially in India, has massive opportunities harnessing technology for lower distribution costs, algorithmic customised pricing and automated claims.
“The opportunity is even wider if innovative products which are designed to be consumed online within the Internet economy can be made to work in a way that customers find it relevant and easy to access.”
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