Flipkart co-founder Binny Bansal, others put in $65 million in Amazon-backed Acko General Insurance

Acko General Insurance has raised $65 million from Flipkart co-founder Binny Bansal, RPS Ventures led by Kabir Misra, ex-managing partner at SoftBank, and Intact Ventures. Existing investors such as Amazon, Accel, SAIF and TechPro Ventures have also participated in the Series C round, the firm said in a release on Wednesday. With this latest infusion, Acko has now attracted $107 million. Previously, Acko had raised $30 million in seed funding and later $12 million in a Series B round led by Amazon.

In a recent interview with FE, Dua had said the company is aiming to break-even in its fourth to fifth year of operations. “We are still 18 months old. Typically, general insurance companies take seven to eight years to break-even. Given the kind of model we have, we target to break-even in the fourth to fifth year of operations,” he explained.