Acko plans $250 mn IPO, taps confidential route

Acko is preparing to file its draft IPO papers with market regulator SEBI through the confidential route, seeking to raise around $250 million, as the company targets a public listing in early 2027, according to sources familiar with the development.

The Bengaluru-based company has appointed ICICI Securities, Morgan Stanley and Kotak Securities as book-running lead managers for the proposed offering. The company is looking to file its draft red herring prospectus in the second half of the year.

Acko is aiming for a valuation of $2–2.5 billion (around ₹18,800–23,500 crore). The IPO is expected to include a mix of fresh issue and an offer for sale (OFS) by existing investors.

Founded in 2016 by Varun Dua, Acko started with digital motor insurance and has since expanded into health insurance, including the acquisition of Parentlane in 2023 to deepen its presence in the segment. The company has built a strong embedded distribution model, with partnerships spanning platforms such as PhonePe and MyGate, along with over 50 others including Oyo, redBus, Zomato, HDB Financial Services and Urban Company.

In FY26, Acko underwrote motor insurance premiums of ₹1,186 crore and health premiums of ₹1,235 crore. For FY25, it reported revenue of ₹2,887 crore and a net loss of ₹424 crore, narrowing from ₹670 crore in the previous year.

Acko’s move comes amid a broader shift among new-age companies towards confidential IPO filings, allowing them to test investor appetite and delay public disclosures. Fintech major Razorpay has also opted for the confidential route for its planned listing.

Several other startups are lining up for public market debuts over the next 12–24 months, including quick commerce player Zepto, Zetwerk, Flipkart and others, reflecting a revival in IPO sentiment among India’s tech startups.

Published on April 27, 2026