Binny Bansal will invest Rs 143 crore in insurance startup firm Eco

Business
  • After this funding, Bansal’s investment in Eko will be Rs 322 crore.
  • General Insurance Company sells Ecco car and bike insurance online.
  • Binny Bansal continues to invest in startups after his resignation from Flipkart

Flipkart co-founder Binny Bansal will invest $ 20 million (Rs 143 crore) in Eko, a startup firm in the insurance sector. According to media reports, after this funding, their total investment in Eko will be $ 45 million (Rs 322 crore). This would be Bansal’s biggest investment in an Indian startup. Eko is in the process of raising $ 4-4.2 million.

Binny sustains $ 35-40 million fund for startups: report

  1. Binny Bansal continues to invest in startups after he resigned from Flipkart’s Group CEO position last year. He had recently invested $ 140 million in robotics startup GrayOrange and $ 125 million in data exchange platform Mobicon. According to the report, Bansal will also launch an investment fund of $ 35-40 million by March next year. The fund will help startups in India and South-East Asia.
  2. Bansal had to resign from Flipkart due to allegations of sexual exploitation. However, Flipkart’s parent company, Walmart, found the allegations to be false in the investigation. US retail giant Walmart bought a 77% stake in Flipkart in May last year. Binny has sold most of his shares of Flipkart, now he has 3% shares.
  3. Echo General Insurance Company was started by co-founder Varun Dua in 2017 under restructuring online insurance company Coverfox. Eko works on the US model of Gecko, Progressive and China’s Alibaba. Eko has two verticals – car and bike insurance. The company sells insurance directly to customers. Eko also provides service to Internet companies. These include services such as Gadget Protection for Amazon, Ola and Ride Insurance for its drivers.

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