Digital-native insurer ACKO has raised $60 million funding led by Munich Re Ventures. Existing investors including Amazon, RPS Ventures and Intact Ventures Inc also participated in the fund raise.

“ACKO plans to use the funds to accelerate its growth in existing lines and for expansion into new product lines,” said a statement on Wednesday.

Avendus Capital was the advisor to ACKO on this fundraise.

“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,” said Varun Dua, Founder and CEO, ACKO.

Founded in 2016, ACKO is the country’s first and only digital-native insurance company. It has issued over 65 crore policies to over six crore unique customers to date.