INDIA'S COOLEST START-UPS

BUSINESS TODAY UPSTARTS

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ACKO (INSURTECH) VARUN DUA, FOUNDER

KEY INVESTORS Accel, Elevation Capital, Amazon

FUNDING $484 million so far

ACKO has revolutionised India’s insurance landscape by eschewing traditional methods. This it achieved by fusing insurance with tech, and eliminating unnecessary paperwork. Behind ACKO is Varun Dua, the former cofounder of insurance aggregator Coverfox, who is a ‘shark‘ on Shark Tank India Season 3. Dua’s impressive track record persuaded investors to inject an initial $30 million into ACKO before it was even launched. Starting in 2016, the start-up’s uniqueness lies in its offering of a range of bite-sized insurance solutions, like rider insurance, ticket cancellation, and more. ACKO’s digital-only model contributed to its growth. In five years, it has distributed policies to over 78 million unique customers, issuing more than one billion insurance policies. In FY23, ACKO posted total revenue of `966 crore and a loss of `551 crore, per the company.

 

— BY TEENA JAIN KAUSHAL

ADDVERB TECHNOLOGIES 

BUSINESS OFFICER PRATEEK JAIN, CO-FOUNDER & COO SATISH SHUKLA, CO-FOUNDER

& CMO SANGEET KUMAR, CO-FOUNDER & CEO

KEY INVESTORS Reliance Industries, Jalaj Dani, GAIL India