Insurance technology startup –Acko General Insurance is in the process of receiving fresh funds from Flipkart Co-Founder Binny Bansal, which is expected to be around $40-$42 million in total worth. With this fresh infusion of capital, Bansal’s investments in the new –age insurance firm is believed to be the largest personal investment on an Indian startup.

The latest round of funding is also likely to be participated by private equity fund Ascent Capital, Private Equity Partner India, and Ventureast – all of which are domestic capital investors.

Back in 2017, Acko General Insurance had sprung up as an independent entity after the restructuring of online insurance aggregator Coverfox, which saw one of its Co-founder steps down.

Acko General Insurance is targeting to hit 100 million by March 2020. Acko is designed on the likes of Geico and Progressive in the U.S and Chinese owned Alibaba and Tencent-backed Zhong. Acko also co-creates products and solutions which cater to the new economy and internet companies. Some of the projects that Acko is working on include Gadget protection for Amazon, ride insurance in OLA and its drivers, partnerships with Zomato and Gig-economy workforce.

In its previous rounds of funding, Acko had raised $65 from Bansal, RPS Ventures and Intact Ventures combined together. The Bangaluru-based startup has raised more than $100 million from investors like Amazon, Accel, Ascent Capital, Binny Bansal among many others.

Insurance tech startups globally are looking to disrupt the age-old insurance industry.