Indian insurtech Acko is in late-stage discussions to secure a $120 million funding round at a time when weak global market conditions have subdued large financing deliberations in the South Asian market.

General Atlantic is in talks to lead a $120 million round into Acko, the first tranche of which is about $100 million, a source familiar with the matter said. The round values the Indian startup at $1.5 billion, the source said, requesting anonymity as the matter is private. The financing could close within weeks, but it’s possible that the terms of the deal may change slightly, the source said.

Acko, which became a unicorn in October 2021, has been trying to raise new capital for at least eight months, people familiar with the matter said. TechCrunch reported earlier that General Atlantic was engaging with Acko to increase its stake in the insurtech firm.

The New York-headquartered growth equity investor, which has backed a number of Indian firms including Jio, BillDesk, Byju’s, PhonePe, Amagi, NoBroker and Unacademy over the past decade, plans to deploy at least $2 billion to $3 billion in India over the next five to seven years, according to people familiar with the matter.

Acko and General Atlantic declined to comment.

Acko, which counts Amazon, Lightspeed Venture Partners India and CPPIB as existing backers, is among the handful of startups attempting to take on the country’s antiquated insurance industry with a digital-first product.

It develops and sells bite-sized auto insurance products (aimed at drivers and others in transportation-related scenarios), healthcare protections to employers, as well as protection for gadgets.

The startup has distribution partnerships with a number of firms, including Amazon, travel and hotel booking platform MakeMyTrip, ride-hailing firm Ola, insurance giant Bajaj Finance, Urban Company, and fintech CRED.