Indian insurtech unicorn Acko is accelerating preparations for a potential initial public offering, with a public-market fundraise of $300-400 mn under discussion and a listing window likely in 2026-2027.
The Bengaluru-based insurer has begun early-stage talks with investment bankers. Formal pitch meetings are expected to start next month, with banker appointments following shortly after.
The discussions remain preliminary, though the direction looks set.
The proposed offering would likely combine primary and secondary components. Fresh capital would support expansion plans, while secondary sales would give early backers a chance to trim exposure. That structure fits the mood of the current market (see Largest InsurTech Unicorn Startups).
Acko’s investor base spans global and domestic capital. Backers include General Atlantic, Multiples Alternate Asset Management, Amazon, Accel, Elevation Capital, Munich Re Ventures, Catamaran Ventures, SAIF Partners, RPS Ventures, and Intact Ventures.
High-profile individual investors include former India cricket captain M.S. Dhoni and Flipkart co-founder Binny Bansal.
Founded in 2016 by Varun Dua and Ruchi Deepak, the company has raised more than $450 mn over nine years. Growth came fast, and losses followed. Now the numbers show a shift.
The IPO push lands during a strong stretch for India’s primary markets. In 2025, consumer-facing and fintech-led companies such as Meesho, Pine Labs, Groww, PhysicsWallah, Ather Energy, Bluestone, Urban Company, and Lenskart collectively raised about $4 bn through public offerings.
More than 30 firms already hold regulatory approvals, setting up a crowded pipeline ahead. Acko started with motor insurance and has since expanded across multiple product lines.
Health insurance now sits near the centre of its strategy, with efforts underway to build an end-to-end model covering diagnostics, policy issuance, and claims handling. It’s an ambitious build, still in motion.
The company also runs a large embedded-insurance operation, partnering with more than 50 platforms across mobility, consumer electronics, and financial services.
Partners include redBus, Zomato, HDB Financial Services, and Urban Company. Alongside that, Acko operates a sizeable group health business serving corporate clients.
Scale is no longer the question. Acko says it has served more than 78 mn customers and issued over 1 bn insurance policies since launch. Profitability remains the harder part.
In the 2024-2025 financial year, consolidated net losses narrowed to ₹424 crore from ₹667 crore a year earlier. Operating revenue climbed to ₹2,836 crore from ₹2,106 crore in 2023-2024.
According to Beinsure analysts, the trend matters more than the absolute numbers as public investors start paying attention.
The wider Indian insurance market continues to expand. Industry value is projected to reach $222 bn by 2025-2026, driven by growth of roughly 17% a year over the past two decades, based on India Brand Equity Foundation data.
