Published By : 28 May 2018 | Published By : QYRESEARCH
It appears as if Amazon will be restarting its funding in India for the digital insurance startup called Acko, according to a confirmation from its spokespersons. Amazon has been linked with Acko through an investment since beginning of this year and had backed up lending startup called Capital Float in April too.
More Information about Acko Funding by Amazon
Amazon will fund Acko for about US$12 mn alongside Ashish Dhawan, the founder of PE firm ChrysCapital along with pre-existent backing firm Catamaran Ventures. With this funding, Acko has now raised about US$42 mn money till current times.
Acko was mainly founded in late 2016 by Varun Dua, who also was one of the co-founders of Coverfox, the insurance comparison site. Now with Acko, Dua is venturing deeper into the field of insurance with a strong digital approach. The company is expected to leverage Internet’s access in India and develop relevant products.
The company started off quite well after investors pumped US$30 million into it last year, before it even had got a license for offering insurance. Now after 12 months, Acko covered the traditional space of automobile insurance politics, and even depicts the presence of a new Internet economy category since January.
Acko has some interesting clients and partnerships in its repository, in terms of improving Internet economy deals. These clients are present in a variety of economies such as transport, travel, e-commerce, and others. A prime partnership of Acko is the local cab service called Ola, which is Uber’s direct rival in the country. In April of this year, Acko started a passenger insurance service for covering riders during accidents, and other situations like missing flights due to traffic delays. This system occupies an in-built space in the Ola app to make the insurance claiming processes simpler.