General Atlantic and local private equity firm Multiples Private Equity led a $225 million funding in Acko General Insurance, valuing the Indian online insurer at $1.1 billion.
Existing investors including Canada Pension Plan Investment Board and Lightspeed, a global technology focused investment firm, also participated in the series D round, Acko said in a statement.
The Amazon.com-backed startup is part of a unicorn boom in India. Acko intends to invest $150 million in the health business and scale its team, particularly within the technology, product and data science space, said Varun Dua, founder and chief executive officer. Bloomberg News reported Friday that General Atlantic was in advanced talks to invest in Acko.
Founded in 2016, Acko is one of India’s first digital insurers, according to its website. The company has more than 400 employees and has sold policies covering cars, motorbikes and even taxi passengers to over 50 million customers. It also offers health insurance and electronic device coverage.
Besides Amazon, the startup also counts Accel Partners, Catamaran Ventures and SAIF Partners among its investors, the site shows. It has raised $450 million so far, according to statement.