Existing investors Amazon, RPS Ventures and Intact Ventures Inc. Also participated in the round, ACKO said, adding that it plans to use the funds to accelerate its growth in existing lines and expansion into new product lines.
Founded by Varun Dua and Ruchi Deepak in 2016, ACKO aims to fundamentally change how a new generation of consumers interact with and experience insurance.
"Munich Re has been a strategic partner to ACKO since inception and we are really excited to bring them on board as our investor. As one of the largest reinsurance companies globally, their investment shows confidence in our data and technology-driven business model," Dua, Founder and CEO, ACKO. Said in a statement.
"This confidence is further reinforced by the continued support of our existing investors, Amazon, Intact and RPS Ventures," he said.
ACKO said it provides insurance to the "digitally savvy" through an intuitive purchase experience, zero-paperwork and stress-free claims process.
The startup has so far issued over 650 million policies to over 60 million unique customers to date.
ACKO addresses insurance needs through data-based personalised pricing and instant claim verification and settlement.
It recently partnered with Amazon Pay for distributing two and four-wheeler insurance.