Multiples Asset Administration (Multiples PE), a non-public fairness agency in India, is in talks to extend its funding in native insurtech startup Acko Common Insurance coverage, reported DealStreetAsia, citing unnamed sources.
The event comes as Acko prepares for an ‘inner spherical’, which might see it increase funds from its current backers.
“Talks have gathered steam and the due diligence course of has began,” mentioned one of many sources, including that if an settlement is reached, “it might be a ‘huge’ transaction which will require the approval of CCI.”
As per media reviews, the insurtech is trying to increase funding that might be over $100m and it has additionally been in talks with current traders Common Atlantic and Canada Pension Plan Funding Board.
“If they arrive on board, Common Atlantic would be the lead investor,” a supply talked about above was quoted by the publication as saying.
Nevertheless, the insider was unable to make clear whether or not Common Atlantic will participate within the funding.
Acko, which was based in 2016 by Varun Dua, affords common insurance coverage merchandise, corresponding to auto and journey insurance coverage.
The startup additionally operates within the medical insurance house.
In response to Acko’s web site, it has offered insurance coverage insurance policies to over 50 million shoppers and has collaborated with corporations, corresponding to Amazon, Ola, and Oyo to offer insurance coverage merchandise.
In October 2021, Acko raised $225m in a Sequence D funding spherical led by Common Atlantic and Multiples Personal Fairness at a $1.1bn valuation.