Private Equity Fund Investments
Acko Insurance raises $255-M from General Atlantic, Multiples, CPPIB, others; turns unicorn
Bengaluru-based Acko General Insurance has raised USD 255 million in a Series D round which has helped the online insurer hit Unicorn status with a valuation of USD 1.1 billion. US-headquartered technology focused private equity investor General Atlantic and India's Multiples Private Equity led the fundraising. Canada Pension Plan Investment Board (CPPIB), Lightspeed Ventures and some existing investors also participated in the round. Automobile insurance is Acko's biggest revenue driver. The company also offers insurance for smartphones, laptops and other home electronics products sold on Amazon's India website. Acko will use the new funds to double down on health insurance. It will likely consider a public listing sometime in 2023 or 2024.
From the Venture Intelligence PE-VC Deal Database: Between Nov-16 and Sep-20, Acko had raised over $206-M from Intact Ventures, RPS Ventures, Amazon, Ascent Capital, Ventureast, Baring India, Techpro Ventures, Accel India, Elevation Capital, Catamaran Ventures, Kris Gopalakrishnan, Arpwood Partners, and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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