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Amazon-backed startup seeks new funds

Acko Basic Insurance coverage Ltd. is weighing a brand new funding spherical that would worth the Indian on-line insurer at greater than $1 billion, in keeping with folks aware of matter.

The Amazon.com Inc.-backed startup is trying to increase about $200 million within the spherical, mentioned the folks, who requested to not be recognized as the knowledge is personal. Acko can also be contemplating an inventory as quickly as this 12 months, one of many folks mentioned.

The funding spherical, if profitable, will make Acko the most recent unicorn in India, the place there’s been a increase for the know-how business. In April, the nation minted at the least six new startups with a valuation of $1 billion or extra in every week’s time.

Acko, based in 2016, is amongst India’s first digital insurers that gives protection for automobiles, motorbikes and even taxi passengers in addition to well being insurance, in keeping with its web site. It has greater than 400 workers and has bought insurance policies to over 50 million clients. Apart from Amazon, the startup additionally counts Accel, Catamaran Ventures and SAIF Companions amongst its traders.

The Bangalore-based startup raised $60 million in a sequence D financing spherical final 12 months.

Deliberations are ongoing and Acko’s newest fundraising plans may nonetheless change, the folks mentioned. Acko Managing Director Varun Dua declined to remark.

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