Acko Acquires Digital Chronic Care Mgmt Firm OneCare to Expand Offerings

Last year, the firm acquired Parentlane, which operates in the maternity and child health space.

General Atlantic-backed insurtech firm Acko has acquired digital chronic care management firm OneCare for an undisclosed amount.

This acquisition, an all-cash transaction, is part of Acko’s strategy to expand its healthcare offerings, addressing various aspects of health insurance needs, from protection to prevention, care, and recovery.

Acko entered the retail health insurance segment in March 2023 and continues to strengthen its position in the market.

Last year, the firm acquired Parentlane, which operates in the maternity and child health space. The addition of OneCare further enhances Acko’s healthcare ecosystem.

“We're constantly redefining the healthcare landscape for our customers at Acko. We have acquired OneCare whose core business values emphasize a customer-first approach and comprehensive care, sharing our common goals to alleviate customer pain points," said Varun Dua, founder and CEO of Acko.

According to Dua, integrating OneCare’s capabilities will help Acko weave advanced clinical care directly into their customers' insurance experiences, ensuring they receive the best possible care.

OneCare’s Capabilities

Bengaluru-based OneCare, founded in 2021, and backed by Better Capital and QED Innovation Labs, provides advanced wearables, data-driven insights, and an omnichannel approach with both physical clinics and virtual care teams. Cofounders Rakesh Shivran and Sagar Bhat will join Acko’s leadership team.

"Acko's vision aligns perfectly with our goals. We see a tremendous opportunity to scale our impact and transform the way care gets delivered to millions across the country," said the cofounders in a joint statement.

Growth & Financial Performance

Within two years of launching its group health insurance product, Acko has boarded over 200 new-age companies, including Swiggy, Razorpay, and Cred, insuring more than eight Lakh clients.

Acko’s revenue from operations increased by 31.9% to INR 1,759 Cr in FY23 from INR 1,334 Cr in FY22, while losses surged 53.1% to INR 738 Cr.

Founded in 2016 by Varun Dua, Acko offers insurance products using a direct-to-consumer model. To date, it has raised around $450-460 million from investors, including General Atlantic, Accel, Elevation Capital, and the FPGA family foundation.

In recent developments, Acko elevated its chief underwriting officer, Animesh Das, as the new CEO of its subsidiary entity, ACKO General Insurance, as Sanjeev Srinivasan takes on a board role.

Varun Dua continues as the CEO of Acko Technologies, the parent company of Acko General Insurance.