Amazon is in final stages of closing an investment in online-only insurance startup Acko, people familiar with the matter said. The deal will see Amazon co-create financial products with Acko - besides being its distributor - in the first such move by the web retailer. Sources said Flipkart too had held talks with the startup for a potential investment but those discussions fell through.
Acko Technologies is the parent of Acko General Insurance, which received an in-principle regulatory clearance to launch earlier this year. People in the know of the transaction said the Seattle-based e-tailing major is likely to come on board Acko as part of a new financing round of about Rs 100 crore. This, after the company racked up Rs 200 crore in May this year.
