Digital Insurance Acko General Raises $65M From Family Offices And VCs

indian single family offices investment in insurance

Acko General Insurance is an Indian startup which already insured more than 200,000 vehicles since 2017. The young company plans to extend its product portfolio with travel and health insurances towards the end of this year. With a recent $65M financing round, which was led by Flipkart founder Binny Bansal, the company wants to invest in its technology, analytics and marketing.

Family Offices and Venture Capital Funds Participating In Funding

Acko, which was founded by the marketing specialist Varun Dua, already had a $30M seed round in 2017 from notable investors like Accel partners, Infosys founders Murthy and Gopalakrishnan, Amazon India and many more. One of the first-round investors, which participated again in this round, is TechPro Ventures, the family office of Hexaware’s founder and CEO Atul Nishar. Hexaware is a leading Indian IT company with $677M revenues in 2018.

Interesting Co-Investment of India’s Tech Single Family Offices

If we take a look at Acko’s investor’s list, we will see many of the investment firms of India’s tech elite. For Atul Nishar’s TechPro Ventures, Acko is one of its first investments. Flipkart founder Binny Bansal is investing a small share of his billion dollar wealth which he amassed through the sale of it’s company to American retailer Walmart. Also the single family office of Narayana Murthy, Catamaran Ventures, is involved in this round.

Picture Source: Julian Yu

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