Avendus advises Acko on its Series C funding of USD 65 million

Team SiIndia's first digital-native insurer, Acko, has raised USD 65 million from Binny Bansal, Co-founder of Flipkart; RPS Ventures, led by Kabir Misra, ex-Managing Partner at Softbank; and Intact Ventures Inc., corporate venture arm of Canada's largest property and casualty insurer in its Series C financing round. The round also saw participation from existing investors such as Amazon, Accel, SAIF and TechPro Ventures.

Avendus Capital was the exclusive advisor to Acko on this fundraise.

Founded by Varun Dua in 2016, Acko is India's first digital-native general insurance company. The company offers an intuitive purchase experience, cheaper prices and stress-free claims. Acko addresses
insurance needs across multiple touchpoints in daily lives of the 'digitally-savvy' consumers with its customer centric product design, instance-based products, customized real-time pricing, and instant claim verification and settlement.

Indian general insurance is a huge underserved market that is ripe for disruption.

Indian general insurance is a huge underserved market that is ripe for disruption. General insurers today face structural challenges such as information asymmetry, intermediary dependent distribution, branch-led geographic expansion and physically-intensive operations.

Pankaj Naik, Co-head of Digital and Technology Investment Banking at Avendus Capital, said, "Acko's success is representative of how technology is touching and disrupting every traditional industry. Acko is structurally well positioned to leverage the under-penetrated insurance industry by using technology both as a medium as well as an ecosystem to innovate and deliver new products hitherto unknown to consumers."