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.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 21, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"Attitude Decides Altitude"
BEST ADVICE - RAJNEET KOHLI, CEO & EXECUTIVE DIRECTOR, BRITANNIA INDUSTRIES LTD
"FOR RATAN TATA, IT WAS ALWAYS NATION FIRST"
Thomas Matthew, former IAS officer, on his new biography of Ratan Tata, the late Chairman Emeritus of Tata Sons
"RADICAL CHANGE NEEDED TO IMPROVE URBAN INFRA"
K.P. Singh, Chairman Emeritus of DLF, on the dynamic nature of the real estate sector, challenges in urban planning, and more
REDEFINING AMBITION
Shashikant Ruia was a visionary entrepreneur who navigated challenges with resilience. He leaves behind a rich legacy of ambition and leadership
ON THE WILD SIDE
LOVE WILDLIFE BUT DON'T WANT TO GIVE UP ON THE FINER THINGS WHILE ON A TRIP TO SPOT ANIMALS? CHECK OUT THESE LUXURIOUS WILDLIFE RESORTS FOR THE HOLIDAY SEASON
"India is the only market globally with substantial growth"
RHI Magnesita CEO Stefan Borgas on the company's M&A strategy, why India is important, the way ahead, and more
FRESH ON THE STREET
IPOs have come back with a bang in 2024, with a record ₹1.3 lakh crore raised till October. As a result, many newly-listed firms have made it to the BT500 list
RIDING THE WAVES
The shipping industry is on the brink of a transformation. Beyond government support and technological advancements, what are the other driving forces and emerging trends that will define the landscape in 2025?
HOME RUN
After a decade-long slowdown, India’s real estate market reached its highest decadal sales level in the first half of 2024
In Pursuit of Good Health
The past year has been eventful for the Indian pharma sector, with some companies witnessing growth, and some challenges. The outlook for the sector, however, remains positive
