Insurtech unicorn Acko plans $300–$400 million IPO: Report

Indian insurtech unicorn Acko is reportedly stepping up preparations for a potential initial public offering (IPO), targeting a fundraise of $300 million to $400 million through a public listing likely between 2026 and 2027.

According to a Mint report, the Bengaluru-based company is in early discussions with investment bankers, with formal pitch processes expected to begin next month and banker appointments likely in the following weeks.

The report noted that the proposed IPO is expected to include a mix of primary capital and secondary share sales. The structure would allow Acko to raise fresh funds to support growth while enabling some early investors to partially exit their holdings.

Acko is backed by a roster of global and domestic investors, including General Atlantic, Multiples Alternate Asset Management, Amazon.com Inc., Accel, Elevation Capital, Munich Re Ventures, Catamaran Ventures, SAIF Partners, RPS Ventures and Intact Ventures.

Prominent individual backers 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 million over the past nine years.

The IPO push comes amid a strong phase for India’s primary markets. In 2025 alone, new-age companies such as Meesho, Pine Labs, Groww, Physicswallah, Ather Energy, Bluestone, Urban Company and Lenskart together raised about $4 billion through public issues.

More than 30 companies have already received regulatory approvals for upcoming listings, pointing to a crowded IPO pipeline.

Acko began operations with motor insurance and has since expanded across product categories. The company is now strengthening its health insurance business, working towards an integrated offering that spans medical testing, policy issuance and claims processing.

Acko has also built a sizeable presence in embedded insurance, partnering with more than 50 companies across mobility, gadgets and financial services, including redBus, Zomato, HDB Financial Services and Urban Company. It also runs a large group health insurance business for corporate clients.

According to the company, Acko has served more than 78 million customers and issued over a billion insurance policies since inception.

In FY2024-25, it narrowed its consolidated net loss to Rs 424 crore from Rs 667 crore a year earlier, while operating revenue rose to Rs 2,836 crore from Rs 2,106 crore in FY2023-24.

The broader Indian insurance market is projected to reach $222 billion by 2025-26, driven by a compound annual growth rate of about 17% over the past two decades, according to India Brand Equity Foundation data.