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Acko Insurance
IndustryInsurance
Founded2016
HeadquartersBengaluru, Karnataka, India
Area served
India
Key people
Varun Dua
ProductsMotor insurance
Health insurance
Travel insurance
Term life insurance
In-trip domestic insurance
Mobile insurance
ServicesTraffic challan check & payment
FASTag recharge
ABHA ID creation
Car servicing
Car valuation
ParentAcko Technology and Services Private Limited
Websiteacko.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

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Acko General Insurance was founded by Varun Dua, is the Chief Executive Officer.[7] As of 2018, Acko has raised ₹274 crore ($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 1 crore for multiple regulatory lapses in its outsourcing and commission practices.[16]

Acko Drive

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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

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  1. ^ 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.
  2. ^ Bhakta, Pratik (11 July 2023). "Acko gears up to disrupt the life insurance space". The Economic Times. ISSN 0013-0389. Retrieved 21 August 2023.
  3. ^ "Non-life Insurers". www.irdai.gov.in.[permanent dead link]
  4. ^ Sinha, Shilpy (21 September 2017). "Acko gets final Irda license; to start operations by December". The Economic Times.
  5. ^ Bhakta, Pratik (27 June 2018). "Online Insurance firms like Acko, Digit aims to disrupt sector with innovative policies - ETtech". The Economic Times.
  6. ^ "Acko General Insurance named top firm on LinkedIn's Top Startups List 2018". Business Standard India. 19 September 2018.
  7. ^ "Board Of Directors - Acko Insurance". Acko Insurance. Archived from the original on 30 October 2018. Retrieved 29 October 2018.
  8. ^ "Deal Street: Amazon Backs Digital Insurance Startup Acko". BloombergQuint. 4 June 2018. Archived from the original on 30 October 2018. Retrieved 29 October 2018.
  9. ^ "Acko General Insurance to develop products for Amazon, in talks with e-commerce giant for investment". Moneycontrol.
  10. ^ "Acko Case Study". Google Cloud. Retrieved 26 November 2025.
  11. ^ "New-age life insurers tap group business opportunity in their first year of ops". The Economic Times. 3 June 2025. Retrieved 26 November 2025.
  12. ^ "ACKO introduces ABHA ID feature on app". Healthcare Executive. Retrieved 26 November 2025.
  13. ^ "ACKO Drive Service Centre". Acko Drive. Retrieved 26 November 2025.
  14. ^ 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.
  15. ^ "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.
  16. ^ "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.
  17. ^ 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.
  18. ^ "How ACKO Drive Is Enhancing Ways To Buy Cars Online". English Jagran. 10 January 2025. Archived from the original on 13 April 2025.
  19. ^ "Taking E-Selling of Cars to the Next Level". zeenews.india.com. 25 February 2025.
  20. ^ Sil, Debarghya (9 October 2023). "Acko Earned INR 1,759 Cr By Selling Insurance In FY23". Inc42 Media.
  21. ^ "AckoDrive launches online car purchase portal". The Times of India. 5 June 2020. ISSN 0971-8257.
  22. ^ 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.
  23. ^ Today, Telangana (15 March 2022). "ACKO Drive launches in Hyderabad, offers one-stop solution for car buyers". Telangana Today.
  24. ^ "Zoomcar Partners with ACKO Drive to increase car fleet - ET Auto". ETAuto.com.
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