This post was most recently updated on August 19th, 2019
Acko, founded by Varun Dua in 2016, is a new age insurance Limited which aims at making insurance effortless by making it efficiently affordable and hassle-free because when it comes to looking for new ways to making the personal life easier, this company leaves no stones unturned. Most people don’t think about insurance as they don’t understand much of it. This company aims at simplifying the insurance process. By adding technology, they have transformed a process which was tedious and long to something which now is quick and easy. Things can be done with just a click on the smartphone. The company has partnered with more than 15 consumer internet players like UrbanClap, Zomato, RedBus, Amazon and Ola and with total funds raised amounting to $107 million.
Acko has been able to build new bite-sized products for the digital economy across cab-hailing, e-commerce, home services verticals, food delivery and lending. These products run across travel, gadget, accident and hospitalisation risks. Their digital-only model eliminates the expenses of retail in opening physical stores and a parasite dependence on the distribution network, which essentially dominates rival insurance companies. It is the first Indian start-up to develop an insurance business solely on the basis of a technology platform.
Recently this transformative company has acquired a Mumbai-based online car purchasing portal VLer Technology with the aim of strengthening their auto-ecosystem. They are aware of the fact that VLer’s capabilities and know-how will definitely give assistance to the company in improving its offering and customer satisfaction facilities across the whole lifecycle of car buying and usage.
Vler, founded by Sanjay Bharti and Akash Saxena in 2016, has the core premise in bringing in a fluid, transparent and hassle-free experience in purchasing an automobile which is done digitally. The company has been working on resolving the broken car retail experience in the nation for the last 3 years. Both the founders who are graduates from IIT Bombay have also joined the Acko Technology team. This was performed through an algorithm-based recommendation system and dealer negotiations along with properly taking care of financing insurance and other related paperwork, after the finalisation of the deal.
On the acquisition deal, Ruchi Deepak, co-founder of Acko has commented “Insurtech is our main and core focus area. Our following step on this is to trail down various data points on vast consumer behaviour, usage patterns to enhance insurance technology. We believe in the domain expertise of VLer team, it will provide us with assistance to make the process faster.”
The online insurance start-up, in March, also was able to raise $65 million as a part of its Series C round from Binny Bansal, former CEO of Flipkart, RPS Ventures led by Kabir Misra and Intact Ventures, corporate venture part of Canada’s largest causality and property insurer. This round of investment also saw the participation from investors like Accel Partners, Amazon, TechPro Ventures and SAIF Partners, where Binny Bansal also invested $25 million in Acko for its growth development.