Acko, a digital general insurance startup announced on Tuesday that it raised $60 Million in Series D funding. The current round of funding which takes the company’s total capital raised till date to $200 Million, was led by Munich Re Ventures, the strategic corporate VC fund of Munich Re, one of the world’s largest reinsurers. Joining them were Acko’s previous investors Amazon, RPS Ventures and Intact Ventures. Post the deal Acko’s estimated evaluation rose from being $300 Million last year to $500 Million.

Founded in 2016, Acko has transformed the insurance process from being manual to becoming entirely digital. Other than offering bite sized auto insurance products to driving partners of cab aggregators, the company has launched other products such as trip insurance for passengers using cabs, electronics cover and hotel stay insurance. Six months ago, Acko added healthcare protection to its catalogue. The company claims to have issued over 650 million policies to more than 60 million customers till date.

“We’re excited to join forces with one of the leading digital insurers in India, as well as other investment partners, to help support Varun (Founder) and his impressive team as they continue their journey. …As Munich Re Ventures’ first investment in India, we look forward to the positive impact that digitally native insurance solutions will have on the country with Acko leading the way,” said Oshri Kaplan, Director, Munich Re Ventures, in a statement.

Acko plans to utilize the additional capital to scale its technology and data teams, focus on branding to reach more customers, especially those living in smaller cities and towns in India & to finance insurance policies.

Read More News :

Menlo Ventures leads Series B Funding for Observe.ai

Add Veda, an Ayurveda Wellness Start-Up Sees 300% Growth