Private backer Binny Binsal is set to invest $20m Acko Technology, the India-based online insurance portal backed by e-commerce group Amazon and insurance firm Intact Financial Corporation, the Economic Times reported on Friday.
Binsal, the founder of e-commerce marketplace Flipkart, will supply the capital as a larger funding round expected to be sized at roughly $40m to $42m, according to people familiar with the development.
Private equity fund Ascent Capital will provide $16m according to a regulatory filing, and people close to the matter told ET that Baring Private Equity Partners India and Ventureast are also likely to participate in the round.
Acko Technology is the owner of Acko General Insurance, a mobile-focused online platform that provides automotive insurance policies for two and four-wheeled vehicles as well as drivers for ride hailing platform Ola.
The company also offers insurance products catered to users of other platforms, including cover for electronics bought on Amazon. It has raised a total of $107m since being founded in 2016.
The upcoming round will come in the wake of a $65m series C round featuring Binsal, Amazon, Intact Financial, RPS Ventures, TechPro Ventures, SAIF Partners and Accel in March this year that valued it at about $300m.
Acko had previously received $12m in a June 2018 round led by Amazon and backed by Catamaran Ventures, one of the participants in the company’s $30m series A in mid-2017, together with Accel, SAIF Partners and assorted angel investors.
