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
FUNDING RIL: $132 million in 2022; Jalaj Dani: $11 million in 2018 and 2019; GAIL India: $85,000 in 2018
This story is from the January 21, 2024 edition of Business Today India.
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This story is from the January 21, 2024 edition of Business Today India.
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