India-based digital insurance firm Acko General Insurance has raised $255m through Series D round, which was led by General Atlantic and Multiples Private Equity.
With this funding round, its valuation has touched $1.1bn.
The round had seen participation from Canada Pension Plan Investment Board and Lightspeed, and current investors Intact Ventures and Munich Re Ventures.
With this round, Acko has so far raised $450m.
The firm plans to use the proceeds to invest in the healthcare vertical and bolster its team, especially within the areas of technology, product and data science.
Acko founder and CEO Varun Dua said, “We will continue to scale and innovate in our flagship auto insurance business. We also continue to deepen our health strategy and intend to invest over $150 million in the health business in the near future.
“We believe health insurance products, claims innovation and a deeply connected ecosystem of health services that improve health outcomes for customers are today’s most urgent needs.”
Set up in 2016 , Acko has more than 70 million customers. It reports approximately $150m in premiums.
The firm forayed into the health insurance vertical in 2020 with a focus on the employer-employee market.
It plans to introduce its retail health insurance product by early 2022.
Although auto insurance is the firm’s lead product, it has presence in embedded insurance products such as mobility and gadget insurance across consumer platforms such as MakeMyTrip, Amazon, and others.