Insurance technology firm Acko Technology and Services is investing $1.2 million in car servicing and repair platform Pitstop. The investment will be made in two tranches.
Set up in 2016, Acko Technology and Services is the holding company of Acko General Insurance, which is a 100 percent digital insurance provider.
In an interaction with Moneycontrol, Ruchi Deepak, co-founder of Acko, said that as the need for contactless transactions and transparency in claims grows, this investment will be helpful in their growth journey. For Acko, the car insurance business is among the biggest business segments.
This is among the first such deals in the insurtech sector where a player from this segment has bought stake in an external-but-related firm.