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Online Insurer Acko Raises $255 Million For Expansion Drive

Online Insurer Acko Raises $255 Million For Expansion Drive

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The funds will also be used to develop new insurance products, for taking them to customers, as well as for fostering partnerships in the wider health economy including with hospitals.

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Acko will likely consider a public listing sometime in 2023 or 2024.
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Acko will likely consider a public listing sometime in 2023 or 2024.

India’s Acko General Insurance said on Thursday it had raised $255 million to fund growth plans in a Series D funding round that helped the online insurer hit “unicorn” status with a valuation of $1.1 billion.

Growth equity investor General Atlantic and India’s Multiples Private Equity led the fundraising, Acko said, adding that Canada Pension Plan Investment Board, venture firm Lightspeed, and some existing investors had also participated in the round.

Automobile insurance is Acko’s biggest revenue driver and the company also offers insurance for smartphones, laptops and other home electronics products sold on the India website of Amazon, which is also an investor in the startup.

Acko, which also began offering corporate health insurance about a year ago, will use the new funds to double down on health insurance, the company’s founder and CEO Varun Dua said.

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Automobile insurance is Acko’s biggest revenue driver

“We will have a direct-to-consumer health product which will launch early next year,” Dua told Reuters in a telephone interview.

The funds will also be used to develop new insurance products, for taking them to customers, as well as for fostering partnerships in the wider health economy including with hospitals, Dua added.

The company could also offer life insurance products in future, although there were no immediate plans, Dua said.

Acko will likely consider a public listing sometime in 2023 or 2024, Dua said.

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Acko, founded in 2015, competes with players including SoftBank-backed Policybazaar and ICICI Lombard in India’s crowded insurance sector.

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New EV Charging Stations Coming Up In Delhi Within Six Months

New EV Charging Stations Coming Up In Delhi Within Six Months

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NDMC will set up 50 new electric charging stations in the city over the next six months.


NDMC will set up 50 EV charging stations in the next six months.
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NDMC will set up 50 EV charging stations in the next six months.

North Delhi Municipal Corporation (NDMC) will be setting up 50 new electric charging stations in the city over the next six months and according to reports, three companies have already got initial approvals for six sites. Last year, Delhi government had launched the ‘Delhi EV Forum’ which is aimed at bringing all the major stakeholders together for successful implementation of the Delhi EV policy. OEMs, fleet operators, charging station energy operators, experts and various government agencies are the members of the Delhi EV Forum and will provide the platform for conversations among all the stakeholders.

Also Read: Tata Motors And BluSmart Mobility Collaborate To Expand EV In Delhi-NCR

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The EV Forum has been actively involved in developing the infrastructure for EVs.

The state government is aiming at having an EV market share of 25 per cent across all new vehicle sales in Delhi by 2024. The policy has been drafted to lay out a comprehensive strategy to enable rapid transition to EVs in the national capital. It will be looking at five key aspects which are targeted financial incentives, non-financial incentives, enabling charging infrastructure, raising public awareness and building a green economy.

Also Read: Jio And bp Partner For EV Infrastructure And Refueling Stations

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The ‘Delhi EV Forum’ has provided a platform for continuous engagement with a broad set of stakeholders to implement the Delhi EV Policy through a series of quarterly meetings. Think-tanks, Civil Society Organizations (CSOs), Original Equipment Manufacturers (OEMs), Charging Infrastructure Providers, Fleet-aggregators and First and last-mile service providers among other mobility service providers and government agencies were invited to participate in these workshops. It basically aims at following broad objectives like understanding on-the-ground challenges towards deployment of EVs and charging infrastructure and identify potential solutions. The forum has been actively involved in developing the infrastructure for EVs in the city and setting up the charging stations.

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IRFC के IPO को मिला शानदार रिस्पांस, आखिरी दिन 3.42 गुना भरा, Hindi News

IRFC के IPO को मिला शानदार रिस्पांस, आखिरी दिन 3.42 गुना भरा, Hindi News



IPO season’s strong start: IRFC IPO gets excellent response, 3.42 times on last day

The IPO of the Indian Railway Finance Corporation (IRFC) received a resounding response. It filled 3.42 times on Wednesday, the last day. The IPO of Indigo Paints also opened from today. On the first day it filled 1.9 times. Apart from this, the IPO of Home First Finance Company India will also be launched on January 21.

The IPO of IRFC received good response from retail investors. The reserve share for retail was 3.6 times and the workforce was 43.75 times. Similarly, the share of non-institutional investors was 2.6 times and that of qualified institutional buyers was 3.8 times.

The company paid Rs 4,633 crore. The initial public offering to raise was opened from 18 January. The price band for this was fixed at Rs 25-26. IRFC is a government company. Indian Railway Catering Tourism Corporation, a railway company, has already launched an IPO. Rail Development Corporation’s IPO is also coming soon.

Last week itself, IRFC raised about Rs 1,398 crore from anchor investors. For this, the company issued 33 crore equity shares to a total of 31 anchor investors at the rate of Rs 26 per share.

These anchor investors include HDFC Trustee Company Limited, Nippon Life India Trustee Limited, Government of Singapore, Kuwait Investment Authority Fund, Kotak Mahindra (International) Limited, Goldman Sachs (Singapore) PTE and Tata AIG General Insurance Company Limited.

The government company issued about 178 crore shares in the IPO for Rs 4,633 crore. Of this, 118 crore shares were fresh issue, while 59.4 crore shares were held for offer for sale (OFS). IRFC has issued about 13.64% of its entire paid-up capital through this IPO. Post IPO, the government’s stake in the company will come down to 86.4%. In this IPO, 5 million shares were reserved for IRFC employees. The funds raised from the IPO will be used to meet future capital requirements and general corporate needs for business growth.

A total of 16 companies launched IPOs in 2020, under which 31 thousand crore rupees were raised. Earlier in 2019, 17 companies raised a total of Rs 17,500 crore through IPO.

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