General Atlantic-backed insurtech firm Acko has acquired the digital chronic care management firm OneCare for an undisclosed amount, as it looks to expand its offering in the healthcare segment.
Acko said the acquisition, an all-cash transaction, is a key component of its strategy to build a healthcare ecosystem to address various aspects of a customer's health insurance needs, from protection to prevention, care and recovery.
The insurtech unicorn had entered the retail health insurance segment in March 2023. Last year, the firm had acquired digital health platform Parentlane which operates in the maternity and child health space.
"We're constantly redefining the healthcare landscape for our customers at Acko. We have acquired OneCare whose core business values emphasise a customer-first approach and comprehensive care, sharing our common goals to alleviate customer pain points," said Varun Dua, Founder and CEO of Acko.
"Integrating OneCare’s capabilities will help us weave cutting-edge clinical care directly into our customers' insurance experiences, ensuring they receive the best possible care," he added.
Meanwhile, backed by Better Capital and QED Innovation Labs, Bengaluru-based OneCare provides advanced wearables, data-driven insights, and follows an omnichannel approach with both physical clinics and virtual care teams, the firm said.
Co-founders Rakesh Shivran and Sagar Bhat will join the leadership team of the insurtech firm.
"Acko's vision aligns perfectly with our goals. We see a tremendous opportunity to scale our impact and to transform the way care gets delivered to millions across the country," they said.
Within two years of launching its group health insurance product, Acko claims to have onboarded over 200 new-age companies, including Swiggy, Razorpay, and Cred, insuring more than 8 lakh clients.
Acko’s revenue from operations increased 31.9 percent to Rs 1,759 crore in FY23 from Rs 1,334 crore in FY22 while the losses surged 53.1 percent to Rs 738 crore.
Founded in 2016 by Dua, Acko follows a direct-to-consumer model in offering insurance products. It has raised around $450-460 million to date from the likes of General Atlantic, Accel, Elevation Capital, FPGA family foundation, and others.
The company recently elevated its chief underwriting officer, Animesh Das, as the new Chief Executive Officer (CEO) of its subsidiary entity--ACKO General Insurance—as Sanjeev Srinivasan takes the board role.
Dua continues as the CEO of Acko Technologies, the parent company of Acko General Insurance.
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