Shardul Amarchand Mangaldas advises Multiples Private Equity Fund III on its proposed investment in Acko Technology & Services Private Limited
November 26, 2021
Shardul Amarchand Mangaldas & Co. advised Multiples Private Equity Fund III (“Multiples”) on its proposed investment in Acko Technology & Services Private Limited (“Acko Tech”) the 100% parent company of Acko General Insurance Limited (“Acko GI”), as part of the Series D fund raise by Acko Tech. The deal was signed on 27 October 2021. The investment is subject to receipt of regulatory approvals from the Insurance Regulatory and Development Authority of India.
This fundraise values Acko Tech at approximately USD 1.1 billion, making it a unicorn.
The transaction team was led by Shailaja Lall, Partner; Anu Susan Abraham, Partner; Arush Upmanyu, Principal Associate; Uday Opal, Principal Associate; and Anupam Choudhary, Associate. The competition law team was led by Rohan Arora, Partner.
The other investors that are participating in this Series D fund raise by Acko Tech are General Atlantic, Canada Pension Plan Investment Board, Lightspeed Venture Partners Select IV Mauritius, as well as existing investors, Intact Ventures and Munich Re Ventures.