ACKO FUNDING
Y Combinator-backed AI robotics startup Pivot Robots raises funding from NuVentures
Pivot Robots will use the funds for team expansion, particularly in the areas of motion planning and computer vision. Siddharth Girdhar, cofounder of the company told ET, the funding will facilitate team growth, especially in motion planning and computer vision. Additionally, it will support increased robot testing and the establishment of office space.
Bluestone's unicorn round; Sorin’s Rs 1,350-crore fund
Happy Wednesday! Omnichannel jewellery startup Bluestone is nearing unicorn status with a potential $100-million pre-IPO investment. More on this in today’s ETtech Morning Dispatch.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
How Amazon Smbhav Venture Fund is funding small businesses with a digital-first focus
The fund’s portfolio includes investments across industries like consumer brands, healthcare and financial services; it has invested in brands such as Acko, Cashify, Fitterfly, Axio and M1xchange.
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Startups in queue for insurance licence face stricter norms
Backing of a large local investor, considerable net worth of promoter and founder are among key requirements laid down by the sector regulator.
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Binny Bansal’s Three State Ventures funds his new startup OppDoor
Three State Ventures is the investment vehicle of Binny Bansal, which is sponsored through his personal capital. The filings reveal the investment was made in stages over the past few months, with the most recent injection occurring in February.
With Irdai opening doors, insurtech firms look to transform into general insurers
Insurtech firms such as Bengaluru-based Onsurity and Pune-based Loop Health help employers offer group health policies to their employees and run a platform to offer employee wellness services, too. They want to capitalise on the Insurance Regulatory and Development Authority of India (IRDAI) move of opening the heavily regulated sector to new participants.
December dip in online sales; insurtech firms chart fresh growth paths
After an expected spurt during the festive season, ecommerce sales saw a larger-than-usual dip in December. This and more in today’s ETtech Morning Dispatch.
Catamaran president Deepak Padaki sees startup valuations falling further
In an interview with ET’s Beena Parmar, Deepak Padaki, who joined Catamaran Ventures last August, also talks about its investment exits, deal sizes and corporate governance at startups. Edited excerpts:
Startups expect fundraising prospects to improve in coming months: report
Nearly half of the more than 250 startup founders surveyed said they expect the funding freeze to thaw over the coming months, allowing them to extend their runways.
Home decor startup Vaaree raises $4 million in round led by Peak XV’s accelerator programme Surge
Investors in the round include Peer Capital, All In Capital and Better Capital. The new funding will be used to accelerate hiring and enhance the user experience on the online platform, said a statement from the company.
Decoding InsuranceDekho’s back-to-back funding rounds amidst a funding winter
Amidst a funding winter, when startups are having to go the extra mile to justify every dollar of their valuation, InsuranceDekho stood out.
Irdai on a transformational journey to take insurance to masses
Under new chairman Debasish Panda, the regulator is engaging with the industry more than ever and looking to get the sector charged up.
Acko gears up to disrupt the life insurance space
Acko has hired Amit Tiwari, an ex-Amazon India executive, to lead its life insurance business. One of the sources told ET that Acko is yet to get a formal nod from the insurance regulator IRDAI regarding Tiwari’s appointment.
CCI approves Multiples PE Fund and CPPIB investments in Acko Technology
The Competition Commission of India (CCI) has approved the acquisition of additional Series E compulsorily convertible preference shares of Acko Technology & Services by Multiples Private Equity Fund III and CPP Investment Board Pvt Holdings (4). Acko is engaged in providing technology and outsourced services while also providing all-round damage protection plans for electronic devices such as mobile phones and facilitating the sale and purchase of new and used vehicles through its platform. The target (through its affiliates) is also involved in the provision of non-life insurance services in India. The companies involved belong to the Multiples and Canada Pension Plan Investment Board groups.
Leaving Urban Company board was right since we are exploring something similar: Zomato CEO Deepinder Goyal
Zomato’s chief financial officer Akshant Goyal said while there is no ‘big decision’ right now related to their foray into the at-home services industry, they are exploring their options.
Acko receives IRDAI nod to commence life insurance business
Acko is close to raising a fresh funding round of $150 million led by its existing investors valuing it at $1.5 billion, according to people in the know.
CPP Investments bets $1.2 billion in April-June quarter in India PE bets
CPP’s investments spread across sectors and include its $333 million exposure towards Sequoia’s tech-focused India fund, while many other investments were co-investments, according to its presentation.
Indian unicorns set to continue their hiring spree in 2022
Meesho, Acko, Razorpay, Zeta, Spinny, Apna, Vedantu and Cred are among those looking to scale up their teams by up to 100 per cent in the coming months, with a focus on technology, product, design, sales and marketing roles.
Air India sale, Tatas' EV arm keep deal street busy in October with USD 9.2 billion fund flows
While the deal volume almost doubled over October 2020, in value it fell 11 per cent owing to lower average deal size from USD 78 million in October 2020 to USD 37 million in October 2021. However, the month saw 14 high value investments, including Tata Motors' EV arm raising USD 1 billion.
ETtech Deals Digest: Acko, Groww raise funds this week
General insurance startup Acko became the 32nd startup unicorn of 2021 after it picked up $255 million in funding led by General Atlantic and Multiples Private Equity.
Acko raises new funds led by General Atlantic, Multiples as valuation jumps to $1.1 billion
Acko, which is the newest Indian unicorn, was last valued at around $400 million last year.
Exclusive interview with Snap CEO; Paytm IPO opens Nov 8
In an exclusive interview, Snap Inc CEO Evan Spiegel told us the reasons for Snap’s resurrection, the secrets of its success in India, and what he really thinks of Facebook.
Smallcase raises $40 million from Amazon, others
The round marked the first investment by Amazon in a wealth management fintech in India.
Digit Insurance raises new funds from Sequoia, others at $3.5 billion valuation
The Digit Insurance funding comes at a time when rival insurtech startup Acko is said to be in advanced talks to raise $200 million to become a unicorn, thus underscoring the heightened investor interest in India’s insurtech space.
What’s behind the insurtech boom?
In today's ETtech Morning Dispatch: Acko raises $200 million to become India's latest startup unicorn, Govt-Twitter spat set up escalate over distorted India map, Shuttl likely to shut down, and Quadria plans to invest $400-500 million in India.
ETtech Exclusive: Acko in talks to raise $200 million, may become India’s next unicorn
Heightened interest among risk investors in the overall fintech sector, due to greater digital adoption triggered by the Covid-19 pandemic, is likely to help boost Acko’s valuation.
Amazon-backed Acko seeks new funds at $1 billion value
The startup is looking to raise about $200 million in the round
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