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Binny Bansal pours USD 20 Mn more into insure tech startup Acko

Nov 29, 2019 by The Passage Team
Binny Bansal pours USD 20 Mn more into insure tech startup Acko

Flipkart cofounder Binny Bansal has poured an additional USD 20 million into insurance technology startup Acko as part of its latest financing round, Economic Times reported citing people in the know.

With the fresh infusion of capital, Bansal’s total investment in the new-age insurance firm will go up to USD 45 million. Also, regulatory filings show, the Mumbai-based startup has received allotments of “10 equity shares of ₹10 each at a premium of ₹2,54,601 each…and 3,682 Series C1 CCPS (compulsory convertible cumulative preference shares) of ₹2,54,611" from Ascent Capital, according to the filings.

The entire financing , including Bansal’s investment, is domestic capital and subject to regulatory approval. Companies in the insurance sector have to abide by a 49% foreign direct investment or FDI cap in India.

Besides Acko, Bansal has cut large cheques for robotics startup GreyOrange which raised $140 million and Mobikon, a data-exchange platform which recently picked up $12.5 million from the entrepreneur-turned-investor.

Source: Economic Times

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