Digital-first insurer ACKO is preparing for its stock market debut, having enlisted ICICI Securities, Morgan Stanley, and Kotak Securities as book-running lead managers, according to sources familiar with the matter.
The Bengaluru-based company aims for a valuation of approximately $2-2.5 billion for its initial public offering (IPO) and plans to submit its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India in the coming months. The IPO is likely to include both a fresh issue of shares and an offer-for-sale (OFS) from existing investors.
Founded by Varun Dua, ACKO secured its operating license in late 2017 and began operations in 2018. Since its inception, the company has raised over $583 million from a variety of investors, including General Atlantic, Multiples PE, Accel, Elevation Capital, and the Canada Pension Plan Investment Board.
In contrast to traditional insurers like ICICI Lombard and emerging players such as Digit Insurance, which rely heavily on agents and intermediaries, ACKO employs a direct-to-consumer (D2C) model, thereby streamlining its distribution process.
ACKO has rapidly established itself as one of India’s fastest-growing general insurers. In fiscal year 2025, the company reported revenues of ₹2,837 crore, representing a 35 percent increase compared to the previous fiscal year. This growth rate notably surpasses the sub-10 percent growth of the wider insurance sector. Additionally, ACKO has successfully reduced its net losses by 37 percent year-on-year.
Published on April 27, 2026.
