Munich Re Ventures, the strategic corporate venture capital arm of Munich Reinsurance, may lead a financing round in Acko Technology.
The company is in the final stages of leading a $60-70m financing round in Acko, reported the Economic Times.
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As per the report, the funding is anticipated to value Acko at around $400-500m.
The round is likely to have participation from existing investors such as Amazon, former SoftBank executive KabirMisra’s RPS Ventures and Intact Ventures.
Munich Re has previously backed firms across insure-tech, digital health, deep tech sectors.
In the digital insurance arena, it has raised capital for US firms including Next Insurance, Inshur, and Hippo Insurance.
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By GlobalDataThe investment round will reportedly close in about a month’s time.
In March last year, Acko General Insurance raised $65m capital in a new C funding round that was attended by several existing and new investors.
Later in 2019, the firm revealed its plan to raise $40m-$42m in fresh fund from a number of new as well as existing investors.
Recently, in the wake of Covid-19 pandemic, Ackooffered a one-month insurance extension to car and bike owners to provide them some relief during the crisis.
