India-based Acko Technology has reportedly secured $36m in funding, coming just months after it closed a $65m Series C for its auto insurance business.
The round saw Flipkart co-founder Binny Bansal injecting $20m into the funding round, according to a report from the Economic Times which cites people with knowledge on the deal. Through the latest capital injection, Bansal’s total commitment to the company has reached $45m, the article claims.
Private equity firm Ascent Capital supplied an additional $16m to the investment round. The article states other investors including Baring Private Equity Partners India and Ventureeast are likely to join the round.
Acko offers protection plans for mobile devices, covering physical, liquid and screen damage. The company also offers similar protection plans for additional electronical appliances.
Earlier in the year, the company’s Acko General Insurance division closed a $65m Series C round from investors including Amazon, Intact Ventures, RPS Ventures, Accel, SAIF and Binny Basel.
Despite this round only closing in March, the InsurTech is already in the market for its next round which is expected to close on $40m to $42m, the article claims.
Acko General Insurance leverages data analytics on customer behaviour to build digital insurance policies for car, bike and mobile protection. Policyholders are covered for damage including fire, theft, calamities, third-party losses and non-accidental damage.
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