Online insurer Acko raises $255 million for expansion drive
The Hindu
Automobile insurance is Acko's biggest revenue driver and the company also offers insurance for smartphones, laptops and other home electronics products
Acko General Insurance said on October 28 it had raised $255 million to fund growth plans in a Series D funding round that helped the online insurer hit "unicorn" status with a valuation of $1.1 billion.
Growth equity investor General Atlantic and Multiples Private Equity led the fundraising, Acko said, adding that Canada Pension Plan Investment Board, venture firm Lightspeed, and some existing investors had also participated in the round.
Automobile insurance is Acko's biggest revenue driver and the company also offers insurance for smartphones, laptops and other home electronics products sold on the India website of Amazon, which is also an investor in the startup.
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