Acko Technology & Services Pvt., the Indian digital insurer backed by General Atlantic, has engaged investment banks for a potential initial public offering that could raise as much as $350 million, according to people familiar with the matter.
IPO Preparations Underway
The company has appointed Kotak Mahindra Capital Co., ICICI Securities Ltd., and Morgan Stanley as advisers for the offering. Acko is reportedly seeking a valuation of up to $2.5 billion, the sources indicated, requesting anonymity as the information is private.
The planned IPO, which may comprise a mix of existing and new shares, is anticipated to launch in the second half of the year. However, deliberations are ongoing, and the final details regarding the offering’s size and timing are subject to change.
Representatives for Acko and the banks did not immediately respond to requests for comment.
India’s IPO Market Context
India’s IPO market has experienced a subdued start to 2026, following two consecutive years of record fundraising. Equity markets have faced pressure from geopolitical tensions, slowing earnings growth, and uneven foreign capital inflows. Despite these challenges, several companies are actively preparing for their IPOs, intending to launch once market conditions stabilize.
Acko’s Business Model and Funding
Founded by Varun Dua, Acko obtained its insurance license in late 2017 and commenced operations the following year. The company has successfully raised over $583 million from a diverse group of investors, including General Atlantic, Multiples PE, Accel, Elevation Capital, and the Canada Pension Plan Investment Board.
Acko differentiates itself from established players like ICICI Lombard and newer competitors such as Digit by selling directly to consumers. This direct-to-consumer approach bypasses the traditional distribution layer, which has historically accounted for a significant portion of industry costs.
