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.
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