Acko General Insurance raised $255 million in a Series D round led by General Atlantic and Multiples Private Equity. The firm became the 34th startup to achieve unicorns in India in 2021. The round also saw participation from Canada Pension Plan Investment Board, Lightspeed, Intact Ventures and Munich Re Ventures. Acko’s total funds raised stand at $450 million.
The company said it plans to invest in the healthcare sector and increase its team, especially in technology, product and data science. Varun Dua, Founder and CEO of Acko, said, “We will continue to extend and innovate in our auto insurance business. We will strengthen our health plans and invest more than $150 million in the health business in the future. We believe health insurance products, claims and a strongly connected ecosystem can improve health issues for our customer’s needs.”
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Shantanu Rastogi, Managing Director at General Atlantic, said, “Acko has formed a differentiated and expandable business model focused on customers, value-based pricing, highly-rated service and deep technology abilities. We are confident that Acko has the potential to develop as an insurer-of-choice for the Indian customer base over the next decade and can play a meaningful role in shaping the future of insurance in India.”