ACKO Insurance, a Bengaluru-based insurtech startup, has entered the elite unicorn club after securing $255 million in a Series D funding round co-led by Multiples Private Equity and General Atlantic.

The fresh round of funding featured participation from Canada Pension Plan Investment Board and Lightspeed, a global technology-focused investment firm alongside the company’s existing investors Intact Ventures and Munich Re Ventures. Barclays acted as the exclusive financial advisor for ACKO. The startup’s valuation has jumped to $1.1 billion as a result of this latest round of funding. However, the acquisition is subject to approval by the insurance regulator IRDAI.