Saturday, January 20, 2018

Amazon to invest in Indian insurance startup

Mumbai-based online insurance startup Acko is likely to receive funding from global e-commerce player Amazon, according to reports published in the Indian media.

Representatives of the two companies are said to be in the final phase of discussions regarding the investment. Acko had been seeking to raise about Rs1 billion (US$15.7 million) in its latest funding round.

If the deal is sealed, Amazon will become the distributor for Acko, apart from co-creating products for the insurance startup, sources said.

This deal is part of Amazon’s strategy to expand its customer base in India and provides the company with an opportunity to sell financial products in the domestic market.

Acko is backed by prominent investors such as Infosys co-founders Kris Gopalakrishnan and NR Narayana Murthy.

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