Acko General Insurance raises $30 m

In one of the largest seed investments for a startup company in India, Acko General Insurance has raised $30 million from a set of renowned investors.

The company, set up by Varun Dua, the ex-founder of Coverfox, has also received an in-principle regulatory clearance to launch general insurance business in India.

The company has received funding from Narayana Murthy’s Catamaran Ventures, Accel, SAIF Partners, Venk Krishnan and Subba Rao of NuVentures, Infosys co-founder Kris Gopalakrishnan, DSP Blackrock’s Hemendra Kothari, Hexaware Technologies founder and chairman Atul Nishar and Arpwood Capital founder and veteran investment banker Rajeev Gupta, a release said.

Acko will operate as an independent general insurance company with its entire operations offered through the digital platform.

It will create products and deliver opportunities in areas where there are gaps such as personalised insurance products based on user consumption behaviours, the release added.
 
“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,” Acko founder Varun Dua said.
 
“FinTech is disrupting the financial services industry in India and we want to be a part of this disruption. We want to use tech-driven efficiencies to redefine this space. We wish the young and vibrant team at Acko all the success,” Hexaware Technologies founder and chairman and one of the investors in Acko Atul Nishar said.

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