Acko General Insurance has reportedly netted $60m in its Series D round, which was led by Munich Re Ventures.
Other commitments to the round came from previous Acko backers Amazon, RPS Ventures and Intact Ventures, according to a report from TechCrunch.
The investment values the InsurTech at $500m, which is compared to the $200m valuation it received during a funding round last year, the article said.
Funds from the Series D will be used to increase its data and technology teams by at least 30% to 40%. Proceeds will also be used to invest into its branding to help it reach more customers in India, the article said.
Finally, capital has been earmarked to finance insurance policies.
The InsurTech previously raised $65m for its Series C round back in March 2019, with equity supplied by Amazon former CEO of Flipkart Binny Bansal, Intact Ventures, RPS Ventures, Accel, SAIF and TechPro Ventures.
Acko General Insurance uses data and analytics around customer behaviour to create personalised digital insurance products. Policies available from the Mumbai-based company are for car, bike and mobile protection.
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