Amazon may back online insurance startup Acko
, TNN|
Updated: Jan 01, 2018, 11.12 AM IST
MUMBAI: Amazon is in final stages of closing an investment in online-only insurance startup Acko, people familiar with the matter said.
The deal will see Amazon co-create financial products with Acko - besides being its distributor - in the first such move by the web retailer. Sources said Flipkart too had held talks with the startup for a potential investment but those discussions fell through.
Acko Technologies is the parent of Acko General Insurance, which received an in-principle regulatory clearance to launch earlier this year. People in the know of the transaction said the Seattle-based e-tailing major is likely to come on board Acko as part of a new financing round of about Rs 100 crore. This, after the company racked up Rs 200 crore in May this year.
"They were engaged with both Amazon and Flipkart for the past few months for an investment. But with Amazon putting in a term sheet, the deal is likely to close soon with them," a source privy to the talks said. When the investment goes through, Amazon will start selling a slew of financial products on its site here.
The Mumbai-based Acko is backed by the likes of N R Narayan Murthy's Catamaran Ventures, Infosys co-founder Kris Gopalakrishnan, Hemendra Kothari of DSP Blackrock, and venture funds Accel Partners and SAIF Partners.
The deal will see Amazon co-create financial products with Acko - besides being its distributor - in the first such move by the web retailer. Sources said Flipkart too had held talks with the startup for a potential investment but those discussions fell through.
Acko Technologies is the parent of Acko General Insurance, which received an in-principle regulatory clearance to launch earlier this year. People in the know of the transaction said the Seattle-based e-tailing major is likely to come on board Acko as part of a new financing round of about Rs 100 crore. This, after the company racked up Rs 200 crore in May this year.
"They were engaged with both Amazon and Flipkart for the past few months for an investment. But with Amazon putting in a term sheet, the deal is likely to close soon with them," a source privy to the talks said. When the investment goes through, Amazon will start selling a slew of financial products on its site here.
The Mumbai-based Acko is backed by the likes of N R Narayan Murthy's Catamaran Ventures, Infosys co-founder Kris Gopalakrishnan, Hemendra Kothari of DSP Blackrock, and venture funds Accel Partners and SAIF Partners.
(This article was originally published in The Times of India)
