Acko Insurance

ACKO Insurance

Company type	Private
Industry	Insurance, Insurtech
Founded	November 2, 2016 (2016-11-02)
Founder	Varun Dua, Ruchi Deepak
Headquarters	Bengaluru, Karnataka, India, India
Key people	Varun Dua (CEO), Sanjeev Srinivasan (CEO, Acko Technology)
Products	Motor insurance, health insurance, travel insurance, micro-insurance
Revenue	₹2,160 crore (US$250 million) (FY 2024)
Number of employees	1200 (2025)
Parent	Acko Technology & Services Private Limited
Website	www.acko.com

ACKO Insurance, commonly known as Acko, is an Indian insurtech company founded in 2016 by Varun Dua and Ruchi Deepak. Headquartered in Bengaluru, Karnataka, Acko operates as India’s first digital-native insurer, offering motor, health, and micro-insurance products through an online platform. The company leverages data analytics and machine learning to provide personalized insurance policies, eliminating intermediaries to reduce costs and enhance customer experience. Acko has served over 62 million unique customers and issued 800 million policies by 2023. Backed by investors like General Atlantic, Amazon, and Accel Partners, Acko achieved unicorn status in 2021 with a valuation of $1.1 billion. Its partnerships with companies like Ola, Zomato, and Amazon India have expanded its reach in the digital insurance market.

Founders & Leadership

• Varun Dua (CEO): A MICA alumnus, Dua has over two decades of experience in the insurance industry. He previously worked with Tata AIG for five years and co-founded Coverfox, an online insurance brokerage, in 2013 before establishing Acko in 2016. Dua is recognized for his vision to disrupt traditional insurance with technology-driven solutions.
• Ruchi Deepak (Co-founder): Deepak holds expertise in financial services, having worked with Franklin Templeton and Matrix Partners in Mumbai and London. She co-founded Acko to simplify insurance processes and enhance accessibility through digital platforms.
• Sanjeev Srinivasan (CEO, Acko Technology): Srinivasan leads Acko’s technology division, focusing on platform development and data-driven innovations.

Origin & Founding Story

Varun Dua, the founder of ACKO

Acko was founded in November 2016 by Varun Dua and Ruchi Deepak in Mumbai, India, with a mission to revolutionize the insurance industry through technology. Dua, leveraging his experience from Coverfox and Tata AIG, identified an opportunity to address inefficiencies in traditional insurance, such as high commissions and cumbersome paperwork. Acko received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017, becoming India’s first digital-native insurer. The company adopted a direct-to-consumer model, focusing on affordability and convenience. Strategic partnerships with digital platforms like Ola and Amazon India helped Acko scale rapidly, offering innovative micro-insurance products tailored to the digital economy.

Timeline

Key Milestones

Year	Milestone
2016	Acko founded by Varun Dua and Ruchi Deepak in Mumbai.
2017	Received IRDAI license; raised $30 million in seed funding.
2018	Amazon led $12 million funding round.
2019	Launched Acko Drive; raised $65 million in Series C.
2020	Partnered with Amazon Pay for auto insurance; raised $60 million in Series D.
2021	Achieved unicorn status with $255 million Series D funding at $1.1 billion valuation.
2023	Revenue reached ₹2,160 crore; partnered with Ather Energy for battery warranty plans.
2024	Acquired OneCare, expanding into outpatient services.

Funding

Funding Rounds

Date	Round	Amount	Investors
May 2017	Seed	$30 million	Catamaran Ventures, SAIF Partners, Accel Partners, Narayan Murthy, Kris Gopalakrishnan, Hemendra Kothari, Atul Nishar, Rajeev Gupta
May 2018	Series A	$12 million	Amazon, Ashish Dhawan, Catamaran Ventures
March 2019	Series C	$65 million	Amazon, Binny Bansal, Intact Ventures, RPS Ventures, Accel Partners, SAIF Partners
November 2019	Venture	$36 million	Ascent Capital, Binny Bansal
September 2020	Series D	$60 million	Munich Re Ventures
October 2021	Series D	$255 million	General Atlantic, Multiples Private Equity, Canada Pension Plan Investment Board, Lightspeed
June 2023	Private Equity	Undisclosed	General Atlantic

Business Model

Acko operates a direct-to-consumer (D2C) model, selling insurance policies through its digital platform, eliminating intermediaries to reduce costs. It leverages data analytics and machine learning to offer personalized pricing and policies based on individual risk profiles. Revenue is primarily generated through policy premiums, with a flat commission rate of 15% per policy. Acko targets digitally savvy individual consumers seeking motor, health, and gadget insurance, and corporate clients like Ola, Zomato, and Amazon India for embedded micro-insurance products. Strategic partnerships with e-commerce and ride-hailing platforms expand its reach. Data monetization through targeted marketing and analytics services also contributes to revenue.

Products / Services

• Motor Insurance: Covers cars and bikes for damages, third-party liabilities, and personal accidents, including roadside assistance.
• Health Insurance: Includes group health plans and critical illness coverage, with partnerships like MyGate for aggregator licenses.
• Micro-Insurance: Bite-sized products like ride insurance with Ola, mobile protection with Amazon India, and ticket cancellation insurance with redBus.
• Travel Insurance: Covers trip-related risks, offered through digital platforms.
• Acko Drive: Automotive services platform launched in 2019, collaborating with car dealerships.

Growth & Metrics

Acko has served over 62 million unique customers and issued 800 million policies by 2023. Its revenue reached ₹2,160 crore in FY 2024, with a compounded annual growth rate (CAGR) of 65% in the prior year. The company employs 1,200 people as of 2025, with 595 under Acko Technology & Services and 644 under Acko General Insurance. Acko aims for a premium of ₹2,000 crore by FY24 end and profitability by FY27, maintaining a 35% annual growth rate. Its partnerships with Ola, Zomato, and Amazon India have driven significant market penetration.

Legal Entity Information

Legal Entity Details

Attribute	Details
Legal Name	Acko General Insurance Limited
Foundation Date	2 November 2016
Registrar of Companies	ROC Bangalore
Corporate Identification Number (CIN)	U66000KA2016PLC138288
Registered Address	#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
Email ID	management@acko.com
Company Status	Active
Directors	Varun Dua, Gorakh Nath Agarwal, 5 others
Authorized Share Capital	₹10,000,000,000
Paid-up Capital	₹5,960,000,000

Acquisitions and Investments

• Acquisitions: Acko acquired OneCare, a clinics and outpatient services provider, on 24 July 2024.
• Investments: Acko invested in MyGate’s Series B-II round on 22 November 2022.

Media & Public Recognition

• Awards:
  • Best Insurance Tech Award at IAMAI 2020.
  • Golden Peacock Innovative Product Award for Ola Ride Insurance.
  • Most Innovative Insurer in Non-Life Segment, FICCI Insurance Industry Awards 2020.
• Coverage: Featured in The Economic Times, TechCrunch, Inc42, and CNBCTV18 for its unicorn status, funding rounds, and industry disruptions.

FAQs

What is Acko?

Acko is India’s first digital-native insurance company, offering motor, health, and micro-insurance products through an online platform.

Who founded Acko?

Acko was founded by Varun Dua and Ruchi Deepak in 2016.

What is Acko’s business model?

Acko operates a direct-to-consumer model, using data analytics to offer personalized insurance at competitive prices, with revenue from policy premiums and data monetization.

Is Acko profitable?

As of FY23, Acko is not profitable, reporting losses of ₹738.5 crore, but aims for profitability by FY27.

What are Acko’s key partnerships?

Acko partners with Ola, Zomato, Amazon India, and Ather Energy to offer embedded insurance products.

External Links

• Official website
• LinkedIn
• Twitter
• Facebook

Related Startups

• Digit Insurance
• Policybazaar
• Coverfox