Acko Insurance
Acko Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017. Acko follows an online-led model and hence all operations for the company are offered through the digital platform.
 | |
| Industry | Insurance |
|---|---|
| Founded | 2016 |
| Headquarters | Bengaluru, Karnataka, India |
Area served | India |
Key people | Varun Dua |
| Products | Motor insurance Health insurance Travel insurance Term life insurance In-trip domestic insurance Mobile insurance |
| Services | Traffic challan check & payment FASTag recharge ABHA ID creation Car servicing Car valuation |
| Parent | Acko Technology and Services Private Limited |
| Website | acko.com |
Acko Insurance is a private sector general insurance company in India.[1][2] Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017.[3][4] Acko follows an online-led model and hence all operations for the company are offered through the digital platform.[5][6]
History
[edit]Acko General Insurance was founded by Varun Dua, is the chief executive officer.[7] As of 2018, Acko has raised ₹2.74 billion ($42 million) in funding from investors such as Amazon, Accel Partners, SAIF Partners, Catamaran Ventures.[8][9] The retail products offered by Acko General Insurance include motor insurance, health insurance, travel insurance, in-trip domestic insurance and mobile insurance for smartphones. Acko Insurance also offers term life insurance through its life insurance subsidiary.[10][11]
Acko also provides several app-based value-added services, including traffic challan checking and payment, FASTag recharge, Ayushman Bharat Health Account (ABHA) ID creation, car servicing through Acko Drive service centres, and online used-car valuation tools.[12][13]
In October 2021, the company secured its position as India's 34th unicorn by raising $255 million through a Series D funding round.[14][15]
India's insurance watchdog, IRDAI (Insurance Regulatory and Development Authority), recently fined general insurer Acko Rs 10 million for multiple regulatory lapses in its outsourcing and commission practices.[16]
Acko Drive
[edit]Acko Drive was introduced in 2019 as part of the company's expansion into automotive services, initially collaborating with car dealerships in Bengaluru.[17][18] By 2024, the platform was operational in 12 Indian cities, including Delhi NCR, Mumbai, and Chennai.[19][20]
In 2022, Acko Drive began facilitating online car purchases and financing options through partnerships with banks and non-banking financial institutions.[21] Maintenance and repair services were later added, with two service centers operating in Bengaluru as of 2024.[22][23] The company has also collaborated with used-car platforms Zoomcar, Spinny and Cars24.[24][17]
References
[edit]- ^ Thomas, Anu (6 September 2017). "Why investors gave Varun Dua $30 million even before he launched his startup". The Economic Times. Archived from the original on 30 October 2018. Retrieved 29 October 2018.
- ^ Bhakta, Pratik (11 July 2023). "Acko gears up to disrupt the life insurance space". The Economic Times. ISSN 0013-0389. Retrieved 21 August 2023.
- ^ "Non-life Insurers". irdai.gov.in.[permanent dead link]
- ^ Sinha, Shilpy (21 September 2017). "Acko gets final Irda license; to start operations by December". The Economic Times.
- ^ Bhakta, Pratik (27 June 2018). "Online Insurance firms like Acko, Digit aims to disrupt sector with innovative policies - ETtech". The Economic Times.
- ^ "Acko General Insurance named top firm on LinkedIn's Top Startups List 2018". Business Standard India. 19 September 2018.
- ^ "Board Of Directors - Acko Insurance". Acko Insurance. Archived from the original on 30 October 2018. Retrieved 29 October 2018.
- ^ "Deal Street: Amazon Backs Digital Insurance Startup Acko". BloombergQuint. 4 June 2018. Archived from the original on 30 October 2018. Retrieved 29 October 2018.
- ^ "Acko General Insurance to develop products for Amazon, in talks with e-commerce giant for investment". Moneycontrol.
- ^ "Acko Case Study". Google Cloud. Retrieved 26 November 2025.
- ^ "New-age life insurers tap group business opportunity in their first year of ops". The Economic Times. 3 June 2025. Retrieved 26 November 2025.
- ^ "ACKO introduces ABHA ID feature on app". Healthcare Executive. Retrieved 26 November 2025.
- ^ "ACKO Drive Service Centre". Acko Drive. Retrieved 26 November 2025.
- ^ Parmar, Beena (24 January 2023). "Acko to raise up to $150 million from Multiples PE, GA, others". mint. Archived from the original on 21 August 2023. Retrieved 21 August 2023.
- ^ "Acko joins unicorn club with $255 million fundraise, valued at $1.1 billion". Moneycontrol. 28 October 2021. Archived from the original on 21 August 2023. Retrieved 21 August 2023.
- ^ "Acko General Insurance fined Rs 1 crore by IRDAI: Will you be affected if you bought a policy from Acko?". The Economic Times. 26 May 2025. ISSN 0013-0389. Retrieved 9 September 2025.
- ^ a b Sharma, Sonali (10 March 2025). "ACKO drive revolutionizes car buying in India". Daily News and Analysis. Archived from the original on 13 April 2025.
- ^ "How ACKO Drive Is Enhancing Ways To Buy Cars Online". English Jagran. 10 January 2025. Archived from the original on 13 April 2025.
- ^ "Taking E-Selling of Cars to the Next Level". zeenews.india.com. 25 February 2025.
- ^ Sil, Debarghya (9 October 2023). "Acko Earned INR 1,759 Cr By Selling Insurance In FY23". Inc42 Media.
- ^ "AckoDrive launches online car purchase portal". The Times of India. 5 June 2020. ISSN 0971-8257.
- ^ Mohile, Shally (26 June 2024). "InsurTech firm ACKO drives into car repair and service space". The Economic Times. ISSN 0013-0389. Archived from the original on 7 August 2024. Retrieved 12 April 2025.
- ^ Today, Telangana (15 March 2022). "ACKO Drive launches in Hyderabad, offers one-stop solution for car buyers". Telangana Today.
- ^ "Zoomcar Partners with ACKO Drive to increase car fleet - ET Auto". ETAuto.com.