Insurtech start-up Acko has revealed its plan to raise $40m-$42m in fresh capital from a number of new as well as existing investors.
Flipkart co-founder Binny Bansal is injecting approximately $20m in the latest round, which will take his total investment in Acko to over $45m, reported The Economic Times, citing people familiar with the matter.
The funding round is being carried out by Acko Technology, a company that manages Acko General Insurance.
Besides Bansal, private equity fund Ascent Capital is expected to contribute around $16m in the funding round, according to regulatory filings to the Registrar of Companies.
Additionally, Ventureast along with Baring Private Equity Partners India is expected to join the round, the business daily reported.
In March, Acko raised $65m in Series C funding round from Bansal, RPS Ventures, Intact Ventures, Amazon, Accel, SAIF and TechPro Ventures.
The digital insurer raised $30m from Infosys co-founder Kris Gopalakrishnan, Narayanan Murthy’s Catamaran Ventures, Accel Partners and SAIF Partners in 2017.
Acko provides motor insurance as well as micro-insurance products such as insurance for ticket cancellation, rider protection and driver protection among others.