Acko secured $16M from Ascent Capital

Acko, which is a Bangalore based online insurance startup, has now secured fresh funding of $16 Million from the growth-stage investment firm Ascent Capital.

Acko is only one of the two insurance startups that have an IRDAI license. While there has been no official confirmation from Binny Bansal or Acko, ex-CEO and founder of Flipkart, a few media reports suggest that the latter may have invested around $20 million in the Acko.

Acko also offers the bite-sized and innovative insurance products like the mobile, rider insurance and application protection, ticket cancellation. It has even partnered with more than 15 consumer internet players which include the redBus, UrbanClap, and Zomato. The company claims to have distributed insurance policies to more than 20 million unique customers after the 12 months of starting its operations.