Amazon is reportedly investing in Indian insurtech startup Acko

Amazon is entering the insurance market – in India.

The online shopping giant is in the closing stages of investing in Indian insurtech startup Acko General Insurance, according to the Times of India.

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The latest round of financing will see Acko raise about $16m, the newspaper said. The firm had previously raised $30m seed capital in May last year.

It recently obtained R1 initial approval from the Insurance Regulatory and Development Authority to launch a general insurance business in India, and has filed for R2 final clearance.

The newspaper said that Amazon will co-create insurance products with Acko and distribute them through its website.

Neither Acko nor Amazon were available for comment.

Acko describes itself as a “new age insurance company” with a mission to “redefine insurance for everyone”, promising “killer prices and a hassle-free experience”.

Its website currently only offers car and motorcycle insurance.