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With the growing insecurities, rising frauds, and the transience of the lives of everything that surround us, insurance has become an inevitable truth of our lives.
Whether it is our car, bike and our own selves, insurance from beforehand almost always come in handy if not proving to be a great savior. However, not all insurance service providers are satisfied with zero commission and are happy to serve their customers online but Acko is, which is why Acko is swiftly rising in demand!
Acko is here to serve the Indians with Premium insurances. The company is now a unicorn!
Read about Ruchi Deepak and Varun Dua's Acko success story below, along with its Business model, Revenue, Funding details, Investors, Growth, Competitors, and more.
Acko - Company Highlights
| Startup Name | Acko |
|---|---|
| Headquarters | Mumbai, Maharashtra, India |
| Sector | Insurance |
| Founder | Varun Dua, Ruchi Deepak |
| Founded | November 2016 |
| Total Revenue | INR 195.6215 Crore (March 31, 2020) |
| Net Profit/(Loss) | (INR 187.838 Crore) |
| Total Funding | $458 million (October 2021) |
| Total Valuation | $1.1 billion (October 2021) |
| Website | acko.com |
Acko - Latest News
October 27, 2021 - Acko raises funds close to $255 million from General Atlantic, Multiples Private Equity, CPPIB, Lightspeed Growth, and others at a valuation of $1.1 billion, thereby turning into India's 34th unicorn of 2021.
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 operating in India. The company has received its license from the Insurance Regulatory and Development Authority of India (IRDA) in September 2017. Acko boasts of an online model of insurance, with the help of which it offers its customers premium insurances facilities and bite-sized insurance products with zero commissions. All the operations of the company take place through its digital platform which removes the need for any paperwork!
Acko - History
Acko was founded by Varun Dua and Ruchi Deepak in 2016 as the first digital insurance service provider in India. The cumbersome, boring, and non-transparent process that people have to undergo even when it comes to the insurance of simple products like automobiles were some of the primary things that Varun and Ruchi wanted to target, which eventually led to the foundation of Acko.
Talking about the insurance industry, co-founder Ruchi said, "One of the biggest flaws is the price point of these products".
"We saw a huge opportunity that a digitally empowered insurance company could unlock both in terms of customer experience and enterprise value. My co-founder Varun Dua and I decided to pursue it,” added Ruchi.
Varun Dua serves as the Chief Executive Officer of the company whereas Ruchi Deepak is a founder-director of the company. Acko is now backed by investors like Accel Partners, SAIF Partners, Catamaran Ventures. It includes domestic trips insurance as well as mobile insurances.
Acko - Founder And Team
Varun Dua is the CEO and the founder of the company, Acko. He completed his education at MICA, Ahmedabad, and the University of Mumbai. After finishing his graduation, Varun served as a Trainee at Leo Burnett Advertising for less than a year. He then started his career as a Marketing Manager at Tata AIG Life Insurance and Franklin Templeton Investments. Varun then founded Coverfox Insurance Broking Pvt. Ltd. and is known as the Founder and CEO of the company. Before he founded Coverfox in 2013, Varun founded 2 other companies namely Enser Communications and Glitterbug Technologies. He has been working here since 2016.
Ruchi Deepak is another founder of Acko. She held senior designations in Coverfox, Matrix Partners, and Franklin Templeton Investments, where she was introduced to Varun, which led them found Acko in 2016. When she was setting up the company and filing for the licence in October 2016, Ruchi gave birth to her twins, which shows the dedication she has for her work and makes his an inspirational entrepreneur along with Varun, a serial entrepreneur.
Ruchi is from Jamshedpur and is an alumnus of Lady Shri Ram College (LSR) where she studied in the Faculty of Law. She is a co-founder cum director of Acko and has worked as an advisor to more than one startup.
Acko - Tagline, Slogan And Logo
Going by the website, Acko's general tagline is "Insurance made easy: Zero commission. Zero paperwork." In order to create awareness, Acko has run a campaign with a tagline, Full Paisa Wasool. The meaning of which is complete value for money insurance.
The logo is basically one of the most important parts of a company. Acko uses 3 colours in its logo, one primary colour and two secondary colours namely white, purple and green. The logo of Acko is sleek, smart and easy to remember.
Acko - Business Model
The company uses a direct-to-consumer approach and uses it to distribute traditional insurance products via its online platform. This significantly allows for favorable risk selection and underwriting. Along with the car, bike, and health insurance, Acko also offers innovative and bite-sized insurance products like rider insurance, mobile and appliance protection, ticket cancellation, and more. Acko further boasts of being partners with more than 15 leading players in the internet ecosystem like Ola, Oyo, redBus, Zomato, HDB Financial Services, UrbanClap, and more.
The company claims to have distributed insurance policies to over 62 million unique customers within a short span of 24 months of operations.
Acko - Revenue Model
Acko makes money through its insurance schemes. They have got various sorts of customer-friendly schemes. Due to their customer-centric policies, the company has got 5-star ratings and over 4.5 crore, happy users. They provide their customers with phenomenal customer support and with this, Acko has earned the customers' trust as well.
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 is presently counted as a unicorn startup at a valuation of $1.1 billion, as of October 28, 2021.
Acko - Funding And Investors
Acko has raised a total amount of $458 million in funding over the 6 funding rounds. The last funding round that Acko raised on October 27, 2021, was worth $255 mn, led by General Atlantic, Multiples Alternate Asset Management Private Limited, and others.
| Date | Transaction Name | Money Raised | Lead Investors |
|---|---|---|---|
| October 27, 2021 | Series D | $255 million | General Atlantic, Multiples Alternate Asset Management Private Limited |
| 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 21 investors in total out which there are 8 lead 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.
The pandemic surely restricted the customers from visiting the showrooms. However, on the other hand, the purchase of vehicles through digital platforms has increased significantly. The digital insurance company, Acko has experienced a whopping 120% growth in the sales of insurance policies for automobiles in the first quarter of FY22 when compared with the same period last year.
Acko also posted ₹81 crore in Gross Written Premium in the first quarter of FY 22. The company has seen a growth of 1.16 times for their auto business in contrast to the same quarter of FY 21. New customer growth from non-metro cities also saw around 3.5 times growth during the same period of the year. For the metro cities, the growth was around 2.5 times.
The website of Acko currently sees 4 million+ users in a single month and has witnessed an increasing graph when it comes to traffic, which surged by 161% in the April to June quarter of FY22 when compared to the same time period in FY21.
Besides, Acko claims to have around 70 million customers across the country. Furthermore, it also boasts of having one of the largest market shares in embedded insurance products like mobility and gadget insurance across famous digital consumer platforms like Amazon, MakeMyTrip, Ola, Urban Company, Bajaj Finance, and others.
The recent funding round on October 27, which helped Acko join the unicorn club of companies, marks a two-fold jump in the valuation of the company. The company was last valued at around $500 million in the last funding round of September 2020.
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, in Noida, Uttar Pradesh. This company competes with Acko in the Health and Life Insurance industry. It generates lesser revenue than Acko.
- PolicyBazaar is one of the top competitors of Acko. It was founded in 2008 in 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 in 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 and Ruchi Deepak are currently looking to scale up the value of the products. The company will look into the health insurance schemes. Furthermore, the company also strives to add more employees in the upcoming months. Also, Acko is planning to scale up largely across the verticals of technology, auto insurance, and micro-insurance products across travel, gadgets, and appliances.
FAQs
What is ACKO?
Acko General Insurance is a private general insurance company in India. It is popularly known as 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 licensed and certified by the Insurance Regulatory and Development Authority of India (IRDAI).
Author: Purbalee Dutta
Source : https://startuptalky.com/acko-success-story/
Date : 2021-10-28T07:48:00.000Z