ADVERTISEMENT

Binny Bansal to invest additional $20 Mn in Acko General Insurance
B

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.

+ posts

Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

South Korea has anchored itself in the Indian beauty market. This article talks about the K-beauty boom, rising trends, and business opportunities.

K-beauty is Booming in India; Here is How You Can Leverage the Trend

0
Ask anyone to name one country obsessed with skincare routines and beauty products; South Korea will always top the list.  Except if you live in...

Offbeat But Effective Marketing Strategies to Stand Out

0
Some Effective Marketing Strategies For Your Startup: 1. Video Email When was the last time you got a video email? For most people, it would be...
CCI has recently approved Indiabulls AMC, Asset Management Company, and Indiabulls Trustee company's acquisition by online brokerage company Groww.

Big Impact on Banks with Fintech Players Entering the AMC Space

0
The Main News CCI, Competition Commission of India, India's anti-competitive watchdog, has recently approved Indiabulls AMC, Asset Management Company, and Indiabulls Trustee company's acquisition by...
CAIT is launching a nationwide campaign called "Halla Bol" against big ecommerce companies preventing the implementation of the new ecommerce rules.

CIAT’s “Halla Bol” Campaign Against Ecommerce is Troublesome

0
On Thursday, 9th September 2021, CAIT, The Confederation of All India Traders, announced that it would launch a nationwide campaign against the global ecommerce...

Rising Trends: Magical Tea, Anti-anxiety Furniture, and Window Cleaning

0
Magical Tea Herbal teas have gained significant popularity over the past few years with increased awareness about the potential side effects of our regular caffeinated...
Biohacking: We have increasingly started recognizing ourselves as the biggest assets, giving rise to multiple business opportunities.

Biohacking: An Industry With Opportunities Worth Over $50 Billion

0
What is biohacking? If we simplify the term, it means a blend of science and technology to improve our health, well-being, and overall performance...
Apple has delayed plans to launch its CSAM detection technology, NeuralHash that it announced last month, citing feedback from policy groups & customers.

What is NeuralHash? Breaking Down Apple’s New CSAM-Detection Tool

0
Early last month, Apple announced that it would be launching a new technology called NeuralHash by the end of the year. The technology would...

How to Find the Next Big Thing with Google Trends

0
Key Takeaways Look for exponential patterns at an early stage Keep an eye for convergences on an already established trend Find early clues like...
ADVERTISEMENT