General Atlantic looks to bump up stake in insurtech unicorn Acko

Acko General Insurance is a digital insurance company in India that redefines insurance for the consumers. The company gives users convenience and stress-free claims at extremely attractive prices. (Source: startupsinindia.com)

Global growth equity investor General Atlantic is aiming to invest $50 million in insurtech firm Acko, TechCrunch reported today citing sources.

The New York based company is wanting to lead a new financing round of close to $100 million in Acko at a flat valuation of $1.2 to $1.25 billion.

Acko became a unicorn last year after securing funding from General Atlantic.

As per the sources, the new deliberations come after Acko working with PayU earlier this year to raise a round of $200 million at a valuation of $1.8 billion. The reason as to why those talks fell through is still not known.

With backers such as Lightspeed Venture Partners India, CPPIB, Amazon and Multiples Private Equity, Acko is a startup that aims to take on India’s insurance industry with a digital-first product. It primarily develops and sells auto insurance products.

Acko has partnered with multiple firms for distribution such as Amazon (also a current investor), MakeMyTrip, Ola, Bajaj Finace and Urban Company. The brand also covers over a million workers from the gig economy through partnerships with companies like Swiggy and Zomato and more.