What’s behind the insurtech boom?
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Insurtech firm
Acko is in talks to raise $200 million, we report exclusively, in a round that will propel the company into the unicorn club. We explore why the sector is booming in India and around the world.
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‘Insurtech’ is short for technology-led insurance startups. It’s a subset of the larger
ETtech Exclusive: Acko in talks to raise $200 million, may become India’s next unicorn
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Synopsis
Heightened interest among risk investors in the overall fintech sector, due to greater digital adoption triggered by the Covid-19 pandemic, is likely to help boost Acko’s valuation.
ETtech
Varun Dua, co-founder and chief executive, Acko. (Illustration: Rahul Awasthi/ETtech)
Mumbai:Acko is in talks to raise $200 million in a new round of funding that could value the online general insurance startup at $1 billion, according to people aware of the negotiations. A successful deal will propel the startup into a fast-expanding set of newly minted Indian unicorns this year.
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As the Indian private equity industry continues to mature, the country will see more and bigger buyout transactions, a trend that has steadily gathered pace over the last few years.