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May 28, 2018updated 29 May 2018 9:18am

Indian startup Acko raises $12m in funding led by Amazon

Acko General Insurance, an India-based online insurance startup, has raised $12m in a new round of funding led by e-commerce giant Amazon.

Ashish Dhawan, angel investor and founder of private equity fund ChrysCapital and existing investor Catamaran Ventures owned by Narayana Murthy, also participated in the latest round.

The deal follows an earlier report that the Mumbai-based e-insurance startup has initiated negotiation with Amazon for a potential deal in January 2018.

The latest capital raise takes Acko’s total external funding to approximately $42m.

In May 2017, Acko raised $30m in its seed round of funding from SAIF Partners, Accel Partners, and Kris Gopalakrishnan, among others.

The company, which was registered in August 2016, was founded by Varun Dua-one of the co-founders of insurance comparison site Coverfox.

Acko operates as an independent general insurance company and delivers its services through a digital platform. Using data and analytics, the company provides bespoke insurance products as well as general and auto insurance.

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