Acko – India's pioneer in digital Insurer!

Acko – India's pioneer in digital Insurer!
Acko – India's pioneer in digital Insurer!

In an unpredictable world where fraud is a constant, insurance offers a consoling barrier against life's transience, safeguarding our vehicles and personal safety. However, not all insurance providers embrace the notion of zero commissions and an exclusively online business model. A notable exception to this norm is Acko, which is rapidly gaining favor for its innovative approach and customer-centric practices.

Acko is committed to offering Indians high-quality insurance options. The company's extraordinary growth and influence on the insurance industry have earned it unicorn status.

In this article, we will delve into the successful journey of Acko, its founder, business model, funding, competitors, and more.

Acko - Company Highlights

Headquarters Bangalore, Karnataka, India
Sector Insurance
Founders Varun Dua, Ruchi Deepak
Founded 2016

Acko - About
Acko - Industry
Acko - Founders and Team
Acko - Startup Story
Acko - Mission and Vision
Acko - Name and Logo
Acko - Products and Services
Acko - Business Model
Acko - Revenue Model
Acko - Esops
Acko - Funding And Investors
Acko - Investments
Acko - Acquistions
Acko - Growth
Acko - Partnerships
Acko - Advertisements and Social Media Campaigns
Acko - Awards and Achievements
Acko - Competitors
Acko - Future Plans

Acko - About

Acko General Insurance is a private general insurance company operating in India. The company has received its license from the Insurance Regulatory and Development Authority of India (IRDA) in September 2017. Acko boasts of an online model of insurance, with the help of which it offers its customers premium insurance facilities and bite-sized insurance products with zero commissions. All the operations of the company take place through its digital platform, thereby removing the need for any paperwork.

Acko - Industry

The International Trade Administration's estimate indicates that India's insurance market is expected to grow at a quick pace and reach a valuation of $280 billion by 2025. This significant increase is propelled by an impressive compound annual growth rate (CAGR) ranging from 12% to 15%.

The population's increased knowledge of the importance of insurance and the concurrent rise in disposable incomes are the main causes of this amazing expansion. The aforementioned characteristics indicate a growing market trend in the insurance industry that is consistent with the changing economic conditions.

Acko - Founders and Team

Varun Dua, Founder and CEO, and Ruchi Deepak, Founder and Board Member founded Acko in 2016.

Varun Dua

Varun Dua, Founder and CEO of Acko
Varun Dua, Founder and CEO of Acko

Varun Dua is the CEO and the founder of the company, Acko. He completed his education at MICA, Ahmedabad, and the University of Mumbai. After finishing his graduation, Varun served as a trainee at Leo Burnett Advertising for less than a year. He then started his career as a marketing manager at Tata AIG Life Insurance and Franklin Templeton Investments. Varun then founded Coverfox Insurance Broking Pvt. Ltd. Before he founded Coverfox in 2013, Varun founded and Glitterbug Technologies. Varun Dua holds a prominent role as one of the Sharks on Season 3 of Shark Tank, adding his expertise and insights to the entrepreneurial landscape.

Ruchi Deepak

Ruchi Deepak, Founder and Board Member of Acko

Ruchi Deepak, a distinguished entrepreneur, serves as both the founder and Board Member of Acko, a pioneering platform in the insurance industry. After completing her studies at Lady Shri Ram College for Women, she set off on a voyage that went beyond the classroom. Her subsequent appointment as a board member at Pitstop further demonstrated her wide range of experience and allowed her to share her perspectives on convenience and car maintenance. She also founded Airloom where she is serving as the founder and CEO, this demonstrates her dedication to leadership and innovation.

The Acko team has grown significantly. It has become a team of 501–1,000 employees.

Acko - Startup Story

Acko was founded by Varun Dua and Ruchi Deepak in 2016 as the first digital insurance service provider in India. Varun and Ruchi identified two major problems in the insurance industry before starting Acko. They saw how difficult and opaque the procedures were, especially when it came to simple things like auto insurance. They also understood the complexities involved in determining insurance premiums and sought to develop a pricing strategy that would be more accommodating to customers.

"We saw a huge opportunity that a digitally empowered insurance company could unlock both in terms of customer experience and enterprise value. My co-founder Varun Dua and I decided to pursue it,” added Ruchi.

The Indian insurtech market, which was formerly dominated by multi-insurance companies, underwent a change in 2018 as general insurance received more money and attention. Seizing this opportunity, Varun and Ruchi established Acko and positioned it as a force for disruption. Acko joined the market with the goal of revolutionizing the insurance sector and providing a more open and approachable insurance experience by streamlining insurance procedures and pricing.

Acko - Mission and Vision

The mission on the company's website states, "To always prioritise you in everything we do."

The vision of the company is to deliver outstanding value to its customers.

Acko Logo
Acko Logo

Acko General Insurance is under the umbrella of its parent organization, Acko Technology & Services Private Limited.

Acko - Products and Services

Acko General Insurance provides exclusive Acko mobile insurance, Acko car insurance, Acko bike insurance, Acko Group Health insurance, and more. Let's check out some of these insurances and how they work:

Acko Car Insurance - Acko car insurance policy offers coverage for numerous care-related risks. Opting for a car insurance from Acko help the users get financial assistance in case their own car faces damage.

Acko Bike Insurance - The Acko Bike Insurance plan offers extensive coverage for two-wheelers, protecting against damages, total loss, and theft. With Acko Bike Insurance, one can get a comprehensive policy that ensures financial security in various scenarios, providing peace of mind and a secure riding experience.

Acko Health Insurance - Acko Health Insurance offers comprehensive coverage for medical expenses, ensuring financial protection and access to quality healthcare. Tailored for individual well-being, Acko's plans provide a reliable safety net for unexpected health challenges.

Acko Life Insurance: When it comes to life insurance, Acko offers a convenient online option that allows you to purchase coverage directly from your mobile phone. This eliminates the need for physical meetings and offers various plan options, including Term Life Insurance, Whole Life Insurance, and Endowment Plans. Acko's online approach ensures a hassle-free experience, providing flexibility and ease in choosing the right coverage for your needs.

Acko Travel Insurance: Acko Travel Insurance offers comprehensive coverage for risks and financial losses during your travels. Acko's travel insurance offers a safety net in case of flight delays, cancellations, misplaced bags, or medical crises. With the policy's flexibility to accommodate both single and numerous journeys, customers can explore the world with confidence, knowing that unforeseen expenses will be taken care of. With Acko's dependable and adaptable travel insurance options, customers can travel with confidence.

Acko Products

Acko - Business Model

Acko adopts a direct-to-consumer business model, leveraging its online platform to efficiently distribute traditional insurance products, thereby enabling advantageous risk selection and underwriting. Acko distinguishes itself by providing unique and user-friendly insurance options, such as rider insurance, mobile and appliance protection, ticket cancellation, and more, in addition to extensive coverage for cars and health.

This varied portfolio not only satisfies changing client demands but also showcases the company's dedication to offering innovative and customized insurance products via an efficient digital platform.

Acko - Revenue Model

Acko strategically uses multi-faceted methods to diversify its sources of income:

Premiums: Acko's primary source of income is the gathering of premiums from a wide range of clients, including both private and business customers. Selling complete insurance coverage is the cornerstone of this strong financial base.

Commissions: Acko increases its revenue by receiving commissions from affiliated businesses, making use of joint ventures to offer insurance products to their clients or staff members as value-added services. The company's financial resiliency is enhanced by this win-win strategy.

Data Monetization: By gathering useful consumer data, Acko's data-driven approach not only makes it easier to identify risks effectively but also opens up new revenue streams. This data is used for analytics, advertising, and targeted marketing, demonstrating Acko's skill in extracting value from its information repository and enhancing its entire business plan.

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Acko - Esops

With the $2 million Employee Stock Ownership Plan (ESOP) liquidity program, which benefited about 40 long-term team members, Acko reached a significant milestone in 2021. The initiative acknowledged the commitment and hard work of eligible employees by allowing them to liquidate 40%–100% of their vested ESOP after working for Acko for three years.

This calculated action demonstrates Acko's dedication to creating a work environment where team members are valued and appreciated for their crucial contribution to the expansion and success of the business.

Acko - Funding And Investors

Acko has raised a total of $458 million in funding over the 8 funding rounds.

Here are the funding details:

Date Transaction Name Money Raised Lead Investors
June 7, 2023 Private equity Round - General Atlantic
May 25, 2023 Series E - -
October 27, 2021 Series D $255 million General Atlantic, Multiples Alternate Asset Management Private Limited
September 15, 2020 Series D $60 million Munich Re Ventures
November 28, 2019 Venture Round $36 million Ascent Capital, Binny Bansal
March 13, 2019 Series C $65 million Amazon
May 27, 2018 Series B $12 million Amazon
May 23, 2017 Seed Round $30 million Kris Gopalakrishnan and N.R.Narayana Murthy

Acko - Investments

Acko made a Rs 50 crore investment in MyGate on November 23, 2022, as part of their fundraising round.

Acko - Acquistions

Acko expanded its portfolio on March 15, 2023, with the acquisition of Parentlane. This follows its earlier acquisition of vLer on June 3, 2019, highlighting Acko's strategic growth approach and commitment to enhancing its market position.

Acko - Growth

The digital insurance firm Acko is still growing at a very impressive rate as of January 2024, and some significant growth highlights its standing in the market:

  • Over 2.8 crore customers are served by Acko's insurance services, demonstrating the company's broad client base's trust.
  • Acko's ability to provide a wide range of insurance solutions to its clientele is demonstrated by the issuance of over 8 crore policies.
  • Acko consistently maintains an exceptional 94.54% claim settlement ratio, demonstrating its dedication to prompt and equitable resolutions and fostering trust among policyholders.
  • Acko is known for its efficiency and sets industry standards. As of January 2024, they settled claims in just 12 minutes, which is evidence of their responsive and efficient processes.


Acko Financials
Acko Financials
Acko Financials FY22 FY23
Operating Revenue Rs 1,334 crore Rs 1,759 crore
Total Expenses Rs 1,835 Rs 2,535 crore
Profit/Loss Loss of Rs 482 crore Loss of Rs 738 crore

Expenses Breakdown

Acko total expenses have increased from Rs 1,835 crore in FY22 to Rs 2,535 crore in FY23.


Acko FY22-FY23 FY22 FY23
EBITDA Margin -34.50% -40.51%
Expense/Rs of Operation Revenue Rs 1.38 Rs 1.44
ROCE -57.08% -73.41%

Acko - Partnerships

Acko has seen some partnerships since it started as a company. To mention, some of the prominent ones are:


Acko collaborated with Ola to launch an in-trip insurance programme that is running in over 110 cities.


The company partnered with Amazon India to bring in mobile insurance plans on the website of the seller.

Amazon Pay

With Amazon Pay, Acko witnessed another partnership, which helped the startup launch an auto insurance policy in July 2020.

HDB Financial Services

Acko also collaborated with HDB Financial Services and offered HDBFS insurance for the customers, which doesn't have any additional costs with EMI cards.


In order to provide a special extended battery warranty plan in April 2023, the company has partnered with Ather.


In order to recycle and reuse batteries, Lohum, a producer of sustainable energy transition materials, and ACKO have a partnership in May 2023. This will allow EV battery insurance in the nation to include provisions for recycling and reusing the batteries.


'Invest now, Spend later' platform Multipl has partnered in June 2023 to offer integrated insurance payment solutions to its clients.

Sony LIV

For the third year running, ACKO and Sony LIV team together to reimagine how media partners and businesses work together to achieve goal-driven outcomes in August 2023.

Indian Super League (ISL) side, Chennaiyin FC (CFC)

The Indian General Insurance company, ACKO, and the Indian Super League (ISL) team Chennaiyin FC (CFC) have announced a renewal of their partnership in September 2023. In accordance with the renewal, ACKO has been named the associate sponsor of the football team with headquarters in Chennai for the current ISL 2023–24 season.

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Acko - Advertisements and Social Media Campaigns

Acko Campaign

The Acko Platinum Health Plan, the offering from Acko Insurance India, was recently introduced along with a six-part film campaign. Renowned Bollywood actors Sanjay Dutt and Arshad Warsi, who played Munna Bhai and Circuit in the Munna Bhai, are back in the campaign.

Through Munna and Circuit, two lovable and well-known characters, the campaign seeks to convey the spirit of the Acko Platinum Health Plan while weaving an original and captivating story for its viewers.

Acko - Awards and Achievements

Being a successful startup that is already a unicorn and is growing each day, Acko has received numerous awards. Some of them are:

  • Golden Peacock Innovative Product Award 2019: Acknowledged for the development of "Ola Ride Insurance," a contextual microinsurance product that garnered recognition for its innovation and relevance in the market.
  • FICCI Insurance Industry Awards 2020: Received the prestigious "Most Innovative Insurer" award in the Non-Life Segment, recognizing Acko's groundbreaking contributions and inventive approach within the insurance sector.
  • BW Festival of Fintech 2021: Honored as the "Best Insurtech Company," solidifying Acko's position as a leader in leveraging technology and innovation to revolutionize the insurance landscape.

Acko - Competitors

The top competitors of the company are Easypolicy, PolicyBazaar, and Digit.

  • Easypolicy is the top competitor of Acko. It was founded in 2011 in Noida, Uttar Pradesh. This company competes with Acko in the Health and Life Insurance industry.
  • PolicyBazaar is one of the top competitors of Acko. It was founded in 2008 in Gurgaon, Haryana, India. This company also operates in the Health and Life Insurance industry.
  • Digit is also one of Acko's top competitors. It was founded in 2016 and is headquartered in Bengaluru, Karnataka, India. Digit also works in the Health and Life Insurance sector.

Acko - Future Plans

According to a January 30, 2024, news story, Acko, has set a strategic goal of becoming profitable by the 2026–2027 fiscal year (FY27). The positive earnings from its health and general insurance businesses are expected to propel the company into profitability. Founder and CEO Varun Dua disclosed the company's lofty goals in an interview with UBS Global.

Varun Dua claims that Acko wants to reach a premium of Rs 2,000 crore by the end of FY24, the fiscal year 2023–2024. Furthermore, the organization expresses confidence in maintaining a strong growth rate of 35% annually, signifying a dedication to ongoing expansion and advancement within the insurance industry.


Who are the owner of Acko?

Varun Dua and Ruchi Deepak are the owners of Acko.

What is ACKO?

Acko General Insurance is a private general insurance company in India. It is popularly known as India’s first digital insurance company.

Where is the Acko headquarters?

Acko headquarters are in Bangalore, Karnataka, India.

Does ACKO provide cashless insurance schemes?

Yes, ACKO has cashless schemes for insurance.

Is ACKO General Insurance reliable and trustworthy?

Yes, ACKO General Insurance is quite reliable and trustworthy. It is licensed and certified by the Insurance Regulatory and Development Authority of India (IRDAI).

What is Acko new car insurance?

The Acko car insurance policy also have new car insurance policies that cover the new cars as soon as they are bought from their respective showrooms. Besides, it also has car insurance policies for old cars, which covers for all the damages dealt and received by the insured cars.

What is Acko insurance mobile?

Acko insurance Mobile, or Acko mobile Insurance, is an insurance policy of Acko to cover the damages to mobile devices of its users.

Is Acko Profitable?

In FY23, Acko experienced significant revenue growth, reaching Rs 1,759 crore from Rs 1,334 crore in FY22. However, the company's losses also increased from Rs 482 crore to Rs 738 crore in the same period, indicating that Acko is not profitable as of FY23.

What is Acko health insurance?

Acko health insurance is another Acko product that provides insurance coverage essential for people's healthcare needs. The health insurance of Acko offers financial assistance to the insured patient in case of any unfortunate event, accidents, planned/emergency hospitalisation, and more.

What is meant by Acko group health insurance policy?

Acko brings the all-new Acko group health insurance policy, which helps employees get the financial assistance they deserve in this post-Covid era.

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