BEGIN ARTICLE PREVIEW:
A young Indian startup that is taking on the country’s antiquated insurance industry with a digital-first product — and which has already received backing from global giant Amazon — today announced a new financing round.
Bangalore-based Acko said on Tuesday it has raised $60 million in its Series D financing round. Germany-based Munich Re, one of the world’s largest reinsurers, led the financing round, while existing investors Amazon, RPS Ventures and Intact Ventures, corporate venture arm of Canada’s largest property and casualty insurer, participated in it.
The new round, which brings Acko’s to-date raise to $200 million, valued the three-year-old startup at about $500 million (up from about $300 million last year), a person familiar with the matter told TechCrunch.
Acko develops and sells bite-sized auto insurance products (aimed at drivers and others in transportation-related scenarios). The startup expanded its catalog six months ago to provide healthcare protections that it sells to businesses and employers. More than 150,000 employees are already covered by Acko’s healthcare protection, the startup said.
Acko founder and chief executive Varun Dua told TechCrunch in an interview that the startup has amassed over 60 million customers and has issued over 650 million policies to date.
Offering a large catalog of …
END ARTICLE PREVIEW