India-based digital insurer Acko has raised $12m in a round led by e-commerce and internet company Amazon, with participation from Catamaran Ventures and private investor Ashish Dhawan.
Founded in 2016, Acko operates a digital-only insurance plaform. Two months ago, Acko also launched a passenger insurance product for ride hailing service Ola, which provides cover to drivers for minor accidents and passengers missing flights due to traffic delays.
The company was founded by Varun Dua, who previously also co-founded insurance comparison website Coverfox.
Acko is expected to collaborate with Amazon on insurance policies around e-commerce, with a first focus set to be gadget protection.
The company has raised $42m to date, having secured $30m in May 2017 from Accel, SAIF Partners and Catamaran Ventures and assorted angel investors.
Amazon’s other investments in India include home services company HouseJoy, financial comparison service BankBazaar and gift card startup QwikCilver, and online lender Capital Float. It has also acquired payment platform Emvantage in 2016.
In April, Capital Float, an India-based online lender, raised $22m from Amazon as an extension of its $45m series C round announced in August.