From launching as a startup to providing funding for a startup, cofounder of Flipkart, Binny Bansal has come a long way in his journey. The company that held funding rounds is now becoming a part of those same funding rounds to help other startups. Binny Bansal has been supporting the Mumbai-based motor insurance startup, Acko General Insurance, as he plans to invest another $20 million in the startup.
According to the ET report, the insurance startup held funding round, where they planned to raise $40 to $42 million. Based on Acko’s filings, the growth capital provider firm, Ascent Capital, has proposed to invest $16 million in the company operations. Binny Bansal has already invested $25 million in the startup in a funding round that took place earlier.
Binny Bansal and ‘funding friends’
Apart from Binny Bansal, some other investors have also decided to be a part of the funding round, and these are Baring Private Equity Partners India and Ventureast. In case Acko manages to bag the $20 million investment, their funds raised in 2019 will reach $101 million. The company raised $65 million in Series C round from Binny Bansal, Amazon, Kabir Misra-led RPS Ventures, Intact Ventures Inc, Accel, TechPro Ventures, and SAIF in March 2019.
Since its launch in 2017, Acko has raised $123 million funding from several investors like Catamaran Ventures, Venk Krishnan, Kris Gopalakrishnan, Hemendra Kothari of DSP Blackrock, and now Ascent Capital. The startup Acko is an independent digital general insurance company that was founded by Varun Dua. The operations of the startup are to create products and deliver them to the people based on their user consumption behaviors.
Since his exit from Flipkart, Binny has been investing in various startups, and he founded a consulting venture xto10x Technologies with Saikiran Krishnamurthy. The new consultancy venture offers tools and counseling services to startups that are in their initial stages. Bansal is also planning to launch a $300-$400 million venture capital fund with early-stage startups as its target.