Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Acko General Insurance.
Insurances basically provide security to one's life. In today's world, security has got a bigger say than anything else. People usually waste money on buying various unwanted things. What is the use if you don't utilise your earned precious money for the right purpose?
Acko General Insurance is with you now to help you with the best and ideal insurance offers. Be it a bike or be it a car! Acko is here to serve the Indians with Premium insurances. Read about Varun Dua's Acko success story below.
An amazing Journey of Acko along with its Business model, Revenue, Funding details, Investors, Growth, Competitors awaits your reading.
Acko - Company Highlights
| Startup Name | Acko |
|---|---|
| Headquarters | Mumbai, Maharashtra, India |
| Sector | Insurance |
| Founder | Varun Dua |
| Founded | November 2016 |
| Total Revenue | INR 195.6215 Crore (March 31, 2020) |
| Net Profit/(Loss) | (INR 187.838 Crore) |
| Total Funding | $230 million |
| Website | acko.com |
Acko - About
Acko - History
Acko - Founder And Team
Acko - Tagline, Slogan And Logo
Acko - Business Model
Acko - Revenue Model
Acko - Revenue and Net Worth
Acko - Funding And Investors
Acko - Growth
Acko - Competitors
Acko - Future Plans
FAQs
Acko - About
Acko General Insurance is a private general insurance company in India. The company has received its license from the Insurance Regulatory and Development Authority of India in the year 2017, September. It has got an online model and thus all operations for the company take place through the digital platform.
Acko - History
Acko was founded by Varun Dua. He also serves as the Chief Executive Officer of the company. The company have got investors like Accel Partners, SAIF Partners, Catamaran Ventures. It includes domestic trips insurance as well as mobile insurances. In the year 2018, it also raised an amount of Rs 274 crore in funding for the welfare of their company.
Acko - Founder And Team
Varun Dua is the CEO and the founder of the company Acko. He completed his education from MICA, Ahmedabad and University of Mumbai. He was also a Trainee at Leo Burnett Advertising for less than a year. He started his career as a Marketing Manager at Tata AIG Life Insurance and Franklin Templeton Investments. He was also the co-founder of GlitterBug Technologies. He was the CEO at Coverfox Insurance. And now presently he is the CEO of Acko General Insurance. He has been working here since 2016.
Acko - Tagline, Slogan And Logo
In order to create awareness Acko is running a campaign with a tagline, Full Paisa Wasool. The meaning is - complete value for money insurance. Acko is actually a value for money insurer brand.
The logo is basically one of the most important parts of a company. Acko is having 3 versions of its logo, One Primary colour and two Secondary colours.
Acko - Business Model
The company is having two fronts of its business till date. There are people nowadays who insure for themselves as well. Can you believe it? Sounds quite a bit unbelievable but yes, the company has insured more than around 200,000 cars and that is what the business is all about. Microinsurance products are also now available. This idea actually deals with the third party concept. It is a new concept for a few! Driver insurance and also ticket cancellation insurances are being provided currently. Two things work here together simultaneously so it is the responsibility of the company to provide such insurances.
Acko - Revenue Model
Acko makes money through its schemes. They have got various sorts of customer-friendly schemes. Due to this policy, now the company has got 5-star ratings and over 4.5 crore, happy users. They provide their customers with phenomenal customer support and like this Acko has earned customer's trust as well. In case of a limb loss or eyesight, 50% will be received by the consumer.
Rishabh Rathi
Acko - Revenue and Net Worth
As per Acko's Annual report, The revenue and financials of Acko is as follows.
| Particulars | Year Ended March 31, 2020 | Year Ended March 31, 2019 |
|---|---|---|
| Total revenue | INR 195.6215 Crore | INR 60.1549 Crore |
| Total Expenditure | INR 383.4053 Crore | INR 194.5264 Crore |
| Profit/(Loss) After Tax | (INR 187.838 Crore) | (INR 134.3715 Crore) |
Acko - Funding And Investors
Acko has raised a total amount of $230 million in funding over the 5 funding rounds.
| Date | Transaction Name | Money Raised | Lead Investors |
|---|---|---|---|
| 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 A | $12 million | Amazon |
| May 23, 2017 | Seed Round | $30 million | Kris Gopalakrishnan and N.R.Narayana Murthy |
Acko has got 17 investors. Intact Ventures is the most recent investor.
Acko - Growth
Acko is backed by Narayan Murthy and Accel. In the year 2019, September, Acko underwrote a premium worth of Rs 41.56 crore. It was a 6x growth compared to 2018 for the company. The previous worth of the premium was Rs 6.53 crore.
Ashwini
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, at Noida, Uttar Pradesh. This company also competes in the Health and Life Insurance industry. It generates less revenue than Acko.
- PolicyBazaar is one of the top competitors of Acko. It was founded in 2008 at Gurgaon, Haryana, India. This company also operates in the Health and Life Insurance industry. It generates more revenue than Acko.
- Digit is also one of the top competitors of Acko. It was founded in 2016 and is headquartered at Bengaluru, Karnataka, India. Digit also works in the Health and Life Insurance sector. In terms of revenue, Digit also generates less revenue than Acko.
Shubham Kumar
Acko - Future Plans
Varun Dua has got expanded plans for his company. He wants to scale up the value of the products. He also wants to look into the areas of his health insurance schemes. He also hopes to add more 100 to 120 new employees in his group. He says within 2020, he will scale up largely across the verticals of technology.
ACKO general Insurance is looking to raise about $200 million in the next funding round. This could value the online general insurance company at more than $1 billion.
FAQs
What is ACKO?
Acko General Insurance is a private general insurance company in India. It is India’s first digital insurance company.
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 licenced and certified by the Insurance Regulatory and Development Authority of India (IRDAI).
Author: Purbalee Dutta
Source : https://startuptalky.com/acko-success-story/
Date : 2021-08-16T07:48:00.000Z