India-based digital insurance platform developer Acko has completed a $65m series C round featuring e-commerce and cloud services firm Amazon and insurance provider Intact Financial Corporation, TechCrunch reported on Wednesday.
Venture capital firms RPS Ventures, TechPro Ventures and Accel also took part in the round, as did private equity firm SAIF Partners and Flipkart co-founder and chief executive Binny Bansal.
The round, which increased Acko’s overall funding to $107m and valued it at approximately $300m, a source close to the company told TechCrunch.
Founded in 2017, Acko operates an online platform that provides car and bike insurance, offering ‘microinsurance’ policies on behalf of third parties, such as a passenger insurance policy for ride hailing service Ola, as well as mobile protection and ticket cancellation insurance.
Amit Agarwal, senior vice-president and head of India for Amazon, said in a statement seen by TechCrunch: “We continue to be impressed by Acko’s focus on data-led innovations in the insurance sector that are solving for important customer needs in this sector.”
Amazon led a $12m funding round for Acko in June 2018, participating alongside Catamaran Ventures and private investor Ashish Dhawan. Acko had previously secured $30m from Accel, SAIF Partners, Catamaran Ventures and various angel investors in May 2017.