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  • Fractal Analytics: Empowering Industries through AI and Analytics

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    Businesses in the financial services sector, known for their strict regulations and cautious nature, are often slow to embrace groundbreaking technologies. However, when they do, it’s a clear sign that a broader shift is happening across industries and regions. This raises a crucial question: how will this acceptance evolve into widespread adoption that delivers real value? The banking and insurance sectors may hold the key, offering valuable lessons for other industries looking to advance their own GenAI strategies.

    Fractal Analytics also examines how one global financial institution is already seeing the benefits—teams are making smarter decisions and boosting productivity thanks to a new tool that automates complex data analysis.

    In this article, we will highlight the various GenAI use cases in financial services. Here’s learning about Fractal Analytics, its Founders, Startup Story, Business Model, Revenue Model, Funding, Acquisitions, Growth, Competitors, and more.

    Fractal Analytics – Company Highlights

    Name Fractal Analytics
    Headquarters Mumbai and New York City
    Sector Artificial Intelligence
    Founded 2000
    Founders Pranay Agrawal and Srikanth Velamakanni
    Website Fractal.ai

    Fractal Analytics – About
    Fractal Analytics – Industry
    Fractal Analytics – Founders
    Fractal Analytics – Startup Story
    Fractal Analytics – Mission and Vision
    Fractal Analytics – Name, Tagline and Logo
    Fractal Analytics – Business Model
    Fractal Analytics – Revenue Model
    Fractal Analytics – Employees
    Fractal Analytics – Challenges Faced
    Fractal Analytics – Funding and Investors
    Fractal Analytics – Mergers & Acquisitions
    Fractal Analytics – Financials
    Fractal Analytics – Advertisements and Social Media Campaigns
    Fractal Analytics – Awards and Achievements
    Fractal Analytics – Competitors
    Fractal Analytics – Future Plans

    Fractal Analytics – About

    Fractal Analytics is a global leader in AI and analytics, helping businesses leverage data to make smarter, more informed decisions. With expertise across multiple industries—ranging from consumer goods and healthcare to insurance, life sciences, retail, and financial services—Fractal is at the forefront of transforming businesses through data.

    Fractal’s approach is grounded in predictive analytics and visual storytelling, enabling companies to not only understand but act on insights for a competitive edge.

    With offices in over 15 countries, including key locations like the United States, United Kingdom, Ukraine, and India, Fractal operates from dual headquarters in Mumbai and New York. The company’s impact and innovation have earned it recognition from industry analysts, including mentions as a “Cool Vendor” and a “Vendor to Watch” by Gartner.

    Fractal continues to push the boundaries of artificial intelligence, delivering tailored solutions that drive growth and operational excellence across sectors.

    Fractal Analytics – Industry

    AI is shaping up to be a game-changer for global development, with experts predicting it could add a staggering $15.7 trillion to the world economy by 2030—more than the combined GDP of India and China today. But what about India’s role in this AI boom? Well, the country is emerging as a powerhouse, boasting the third-largest pool of AI talent globally. Investments in India’s AI capabilities are on the rise, growing at an impressive CAGR of 30.8%, hitting approximately $881 million in 2023 alone.

    What’s fueling this surge? A big part of it is India’s growing semiconductor industry, which is set to become the backbone of AI innovations here. By 2025, India’s AI market could be worth $7.8 billion, with a massive 60% of AI’s contribution to India’s GDP coming from four key sectors: Industrials & Automotive, Healthcare, Retail and Consumer Packaged Goods (CPG). But that’s not all—BFSI (Banking, Financial Services, and Insurance) and Agri-tech are also rapidly emerging as exciting spaces for AI-driven solutions.

    India is gearing up to be a key player in the global AI revolution.

    Fractal Analytics – Founders

    Pranay Agrawal

    Pranay Agrawal - Co-founder and CEO, Fractal Analytics
    Pranay Agrawal – Co-founder and CEO, Fractal Analytics

    Pranay Agrawal serves as the Co-founder and CEO of Fractal, bringing a wealth of expertise in both finance and data science. He is a certified Financial Risk Manager through the Global Association of Risk Professionals and was recognized as one of the Top 20 CEOs of Data Science Service Providers in 2023 by Analytics India Magazine.

    Before joining Fractal, Pranay worked with prominent financial institutions, including ICICI Bank and ANZ Grindlays Bank. His accomplishments have been widely acknowledged, including the prestigious Young Alumni Achiever’s Award from IIM Ahmedabad in 2018-19.

    Pranay holds a Bachelor of Commerce degree from Bangalore University and a postgraduate diploma in management from IIM Ahmedabad. As CEO, his focus is on expanding Fractal’s presence in the U.S. and Europe while developing capabilities that keep pace with the evolving needs of clients.

    “Our goal is to power every human decision within enterprises through analytics, AI and technology. This approach allows us to provide comprehensive support to our clients,” Pranay shared.

    Srikanth Velamakanni

    Srikanth Velamakanni - Co-founder, Group Chief Executive, and Vice-Chairman of Fractal Analytics
    Srikanth Velamakanni – Co-founder, Group Chief Executive, and Vice-Chairman of Fractal Analytics

    Srikanth Velamakanni is the Co-founder, Group Chief Executive, and Vice-Chairman of Fractal Analytics, one of India’s top analytics firms.
    A graduate of IIT Delhi with a degree in engineering and an MBA from IIM Ahmedabad, Velamakanni joined ANZ Investment Bank, where he worked in the structured debt department. Reflecting on his time there, he found the role engaging, working with high-profile clients like Enron and handling sectors such as aircraft finance.

    That’s not all – Mr. Velamakanni is also a Co-founder and Trustee of Plaksha University, which emphasizes core engineering, AI/ML, and mathematics, fostering interdisciplinary learning that blends science with the liberal arts. As part of NASSCOM’s Executive Council, he contributes as a data and AI expert.

    Fractal Analytics – Startup Story

    Fractal Analytics kicked off its journey in 2000 in Mumbai, thanks to the vision of co-founders Srikanth Velamakanni, Pranay Agrawal, Nirmal Palaparthi, Pradeep Suryanarayan and Ramakrishna Reddy. (While Srikanth and Pranay continue to lead Fractal today, the other three co-founders have since moved on.)

    The beginning of a great partnership began when Velamakanni transitioned to ICICI Bank’s structured products group, where he collaborated with Pranay Agarwal, a future co-founder of Fractal, to pioneer India’s first collateralized bond obligation (CBO) in 1999. This is where they saw the potential of using math to improve business outcomes, particularly in banking.

    In 2000, as the internet was booming, it was the perfect time for Fractal Analytics to take shape. The founders seized the opportunity to build algorithms that could track sentiment analysis, capitalizing on the vast amount of data generated by rapidly growing websites. This laid the groundwork for their innovative analytics-as-a-service business, allowing companies to make more informed, data-driven decisions. This insight eventually led to the creation of Fractal Analytics.

    In 2016, Pranay Agrawal stepped up as CEO, succeeding Srikanth Velamakanni, who transitioned to the Group Chief Executive and Executive Vice-Chairman role.

    The company hit a major milestone in January 2022, achieving unicorn status after raising $360 million from private equity firm TPG. This accomplishment has solidified Fractal’s position as a powerhouse in the AI and analytics landscape, poised for even greater success in the future!

    Fractal Analytics – Mission and Vision

    Fractal Analytics is on a mission to leverage AI in ways that make a real difference in the world.

    Vision: Imagine a future where every decision made in businesses is fueled by AI. Fractal believes in this future, where human creativity can flourish, opening doors to exciting new possibilities that can change lives and industries around the globe.

    Mission: Fractal is dedicated to transforming the business landscape by harnessing advanced science and data-driven tools. Their mission is to simplify decision-making, liberating individuals from mundane tasks so they can channel their energy into innovation and creative thinking, driving progress and inspiring new ideas.

    Fractal Logo
    Fractal Logo

    At its core, the logo represents the concept of “fractals,” which are irregular, fractional, and fragmented objects. This design choice reflects the company’s focus on complex systems that are often disordered and multifaceted. Just as fractals can reveal intricate patterns within chaos, Fractal Analytics aims to uncover valuable insights from vast amounts of data, helping businesses navigate the complexities of the modern world.

    This connection between the logo and the company’s mission highlights Fractal’s commitment to transforming disorder into clarity, allowing organizations to harness the potential of their data in a meaningful way.

    Fractal Analytics – Business Model

    Fractal Analytics operates with a robust business model tailored for consumer-facing companies that handle high-volume transactions.

    The company focuses on two primary objectives: 

    • Deeply understanding consumers to enhance engagement & loyalty.
    • improving operational efficiency through data-informed decision-making. 

    Their flagship solution, Customer Genomics, exemplifies this approach by providing a comprehensive view of each customer’s behavior and attitudes. This enables businesses to create personalized marketing strategies that resonate with their target audience. 

    By utilizing proprietary pattern recognition and machine learning algorithms, Fractal learns from every customer interaction, including insights from social media, empowering organizations to act on previously undiscovered patterns in their data. 

    With a specialization in sectors such as consumer goods, financial services, insurance, retail, and technology, Fractal leverages its extensive experience across over 100 countries to deliver 40 productized services designed to enhance customer understanding and drive business success.

    Fractal Analytics – Revenue Model

    Fractal Analytics generates revenue primarily through its subscription-based and project-based analytics services. 

    The company’s diverse offerings encompass artificial intelligence (AI), business intelligence (BI), and customer intelligence (CI), providing clients with a comprehensive analytics toolkit to navigate the complexities of big data. 

    By offering a suite of tailored solutions that integrate scientific decision-making into the operations of their clients, Fractal helps organizations improve business process efficiency and customer experience, ultimately leading to higher market share and profitability.

    Fractal Analytics – Employees

    Fractal Analytics offers a range of benefits designed to enhance employee satisfaction and well-being, scoring an impressive average of 81 out of 100 in perks and benefits. Notable offerings include free food, a flexible work-from-home policy, and a performance bonus. In addition to these, Fractal provides several unique benefits across categories like Health & Wellness and Paid Time Off, fostering a supportive and enriching workplace environment.

    At Fractal, employees, affectionately known as Fractalites, are encouraged to remain curious and continually challenge their capabilities. To support this mindset, the company provides training programs through the Fractal Analytics Academy (FAA). This academy features a comprehensive onboarding program for every new Fractalite, ensuring a smooth transition into the organization. The FAA is committed to ongoing skill and knowledge development, helping employees advance their careers while nurturing a culture where imagination and creativity thrive.

    Fractal Analytics – Challenges Faced

    Fractal Analytics leverages its experience in solving business analytics challenges across industries like consumer packaged goods (CPG), financial services, and retail.

    • Transition from analytics to AI: First, the company had to anticipate client needs years in advance, prompting a significant increase in research and development investment, from 3-4% of revenue to 12.5%. Second, the shift required a change in talent strategy, prioritizing a learning-oriented mindset over specific skills. To address this, Fractal invested heavily in training and development programs, ensuring employees could adapt to evolving AI technologies. Despite these adjustments, the overall transition was relatively smooth, with the core business questions remaining constant.
    • Building a risk model: The lack of sufficient data, posed significant risks, especially in the financial sector where errors could cost banks a fortune. For instance, while developing a personal loan cross-sell model for ICICI’s credit card customers, they encountered thin data for price sensitivity analysis, a relatively new area at the time. To overcome this, Fractal conducted extensive research and wrote a paper on the subject, which they presented to the bank. This built credibility and allowed them to confidently offer their services to other major clients like Citibank and Hindustan Lever.
    • Keeping up with the fast-evolving world of analytics: At Fractal Analytics, the industry changes so quickly that knowledge becomes outdated in just three years. To tackle this, they established the Fractal Academy, a dynamic learning hub designed to keep employees ahead of the curve. By partnering with platforms like eDX and Coursera, Fractal encourages its team to continuously upgrade their skills. Employees can earn credits for completing relevant courses, ensuring they stay sharp and ready to handle the industry’s rapid advancements while maintaining a culture of continuous growth.

    Fractal Analytics – Funding and Investors

    Fractal has raised around $855 million to date including a $360 million round, where the Srikanth Velamakanni and Pranay Agrawal-led company turned unicorn. 

    Date of Funding Funding Amount Round Name Investors
    July 15, 2025 $170 million Secondary share sale
    January 5, 2022 $360 million Series E TPG
    January 17, 2019 $200 million Series D Apax
    May 10, 2016 $100 million Series C Khazanah Nasional Berhad
    August 13, 2014 Undisclosed Series B Aimia
    January 24, 2013 $25 million Series A TA

    Fractal Analytics – Mergers & Acquisitions

    Fractal Analytics has made several acquisitions across three countries, with the majority concentrated in India and the United States. Most of these acquisitions have been focused on AI services and IT services, with two acquisitions in each of these areas. These strategic moves have strengthened Fractal’s capabilities in delivering advanced AI-driven solutions and expanding its footprint in key global markets.

    Acquired On Acquired Company
    January 11, 2022 Neal Analytics
    June 22, 2021 Samya.ai
    January 15, 2021 Zerogons
    January 15, 2021 XStreams
    March 14, 2018 Finalmile Consulting
    June 2017 4i Inc.
    • Fractal Analytics partnered with Final Mile to integrate data science with behavioral science in September 2017.
    • Fractal Announces Merger with Eugenie.ai (June 24, 2024)
    • Fractal Partners with QiCAP.Ai (June 4, 2024)
    • Acquisition of Imagna Analytics (2015)
    • Fractal Analytics has also acquired Mobius Innovations, a Singapore-based startup specializing in mobile-based, context-aware Big Data solutions for an undisclosed sum.

    Fractal Analytics – Financials

    Fractal Financials FY24 FY25
    Operating Revenue INR 2196 crore INR 2765 crore
    Total Expenses INR 2250 crore INR 2575 crore
    Net Loss/Profit INR -55 crore INR 221 crore
    Fractal Financials
    Fractal Financials

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    Fractal Analytics – Advertisements and Social Media Campaigns

    Fractal Analytics allocated under $100 million for print advertising over the past year, strategically investing in premium ad units. The company advertised across fewer than 50 different media properties, utilizing a variety of formats to reach its audience. In addition to its advertising efforts, Fractal launched and promoted a new product called MarshallGoldsmith.ai in the last twelve months. MediaRadar, a platform that tracks creative runs on leading websites, magazines, and national television for over 3 million brands, captures Fractal’s advertising presence. Recently, the company has placed several advertisements through its subsidiaries, showcasing its commitment to effective media engagement.

    Fractal Analytics – Awards and Achievements

    Fractal has received the following awards:

    • Best Places to Work in New York 2023
    • Fast 50 Asian American Business: Honored by the US Pan Asian American Chamber of Commerce (USPAACC).
    • Innovation Award: Fractal Analytics received the prestigious Innovation Award at the Direct Marketing Association’s (DMA) annual Analytics Challenge during the DMA2013 Conference & Exhibition held in Chicago.
    • Best in Business for ‘AI and Data’: Best in Business Awards 2023, featured in the Winter issue of Inc. magazine.

    Fractal Analytics – Competitors

    The main competitors of Fractal include:

    • Alteryx
    • Microsoft
    • Qlik
    • ThoughtSpot
    • Altair Engineering
    • AWS
    • BDB
    • Salesforce (Tableau)

    Fractal Analytics – Future Plans

    Fractal prepares for an IPO to raise $400–$500 million at a valuation of around $3 billion. The company has appointed Morgan Stanley, Kotak Securities, and Axis Securities as its IPO bankers and is preparing to file its draft red herring prospectus (DRHP).

    FAQs

    What does Fractal Analytics do?

    Fractal Analytics is an artificial intelligence company offering services across various industries, including consumer packaged goods, insurance, healthcare, life sciences, retail, technology, and finance.

    Who is the CEO of Fractal Analytics?

    Pranay Agrawal is the CEO of Fractal Analytics.

    When was Fractal Analytics founded?

    Fractal Analytics was founded in 2000 by Srikanth Velamakanni, Pranay Agrawal, Nirmal Palaparthi, Pradeep Suryanarayan and Ramakrishna Reddy.

    Who are the competitors of Fractal Analytics?

    The main competitors of Fractal Analytics include Alteryx, Microsoft, Qlik, ThoughtSpot, Altair Engineering, AWS, BDB, Salesforce (Tableau) and others.

  • Acko Business Model Explained: How the Digital Insurer Makes Money

    Well, life is full of unpredictable situations, and technology on the other hand keeps us at ease. With digitalization booming all across the world, now everything is possible with a click. Earlier, social media platforms were only quite popular forms of digitalization.

    But now, every facility availed by a common man has also turned digital which is why it is now accessible to everyone. One of the time-saving and lengthy processes of insurance has also been turned digital and it has become possible only through Acko General Insurance. Here, we will look into the business model of Acko that is helping the brand to reach heights:

    About Acko
    Target Audience of Acko
    Products and Services of Acko
    Business Model of Acko
    What Is Unique About the Business Model of Acko?
    How Does Acko Make Money | Acko Revenue Model
    The Cost Structure of Acko

    About Acko

    Acko is a general insurance company founded in 2016 by Varun Dua. It has become one of India’s tremendously booming digital insurance policy providers with all of its services offered through digital platforms. It has got its license from the Insurance Regulatory and Development Authority of India (IRDAI).

    The company has been backed by investors like Amazon, Elevation Capital, RPS Ventures, Accel Partners, and others.

    Tie-Ups With Major Players

    The company also has tie-ups with different renowned players like Ola, OYO, Zomato, RedBus, and Urban Company. Acko General Insurance has partnered with Ola Cabs and launched an in-trip insurance program in more than 110 cities in India. Amazon Pay also partnered with Acko in July 2020 to provide an auto insurance policy to its customers.

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    Target Audience of Acko

    The retail consumers who are pretty techno-friendly are the ones who are primarily focused on Acko.

    1. Individual Consumers: Acko provides digital insurance products including car, bike, gadget, and health insurance policies. Their target market seeks convenience, price-sensitivity, and transparency.
    2. Corporate Customers: Acko collaborates with e-commerce giants such as Amazon, ride-hailing service providers like Ola, food delivery platforms like Zomato, and others, to offer bespoke insurance solutions to their customers and employees.
    3. E-commerce and Online Service Providers: Acko has partnered with e-commerce platforms and online service providers to offer insurance products as value-added services to their customers. This customer segment is looking for innovative insurance solutions to enhance their experience.

    Products and Services of Acko

    With multiple services offered digitally, the services vary in size and quality, and they are:

    Acko Car Insurance

    • Comprehensive Car Insurance
    • Third-Party Car Insurance
    • Commercial Car Insurance

    Acko Bike Insurance

    • Comprehensive Bike Insurance
    • Third-Party bike Insurance

    Acko Health insurance

    • Health Insurance
    • Aarogya Sanjeevani
    • Group Medical Cover

    Acko Electronics Insurance

    • Mobile Protection
    • Appliance Protection

    Business Model of Acko

    Well, the company goes with a very witty approach of business to consumer (B2C). The business model of Acko clearly states that the brand reaches the customers directly and sometimes also through brand partnerships. It has a good record of insuring more than 20,000 cars and provides car insurance to customers in less time, with no paperwork in the purchase, claim, or renewal.

    It means no stress and no hassle for insurance-related work. Acko also provides General insurance, mobile insurance, and bike insurance. Apart from that, the company also works with third parties to offer micro-insurance for the services of other brands.

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    What Is Unique About the Business Model of Acko?

    Acko is not just making you stress-free along with offering better services but also is providing you comfort with micro-insurance services.

    1. Affordability: Acko’s approach, which is driven by technology, helps them reduce operational costs. This, in turn, enables them to offer insurance products at competitive prices.
    2. Convenience: Acko simplifies insurance by providing an online platform for purchasing policies, managing claims, and accessing customer support via their website or mobile app.
    3. Customization: Acko uses data to create personalized insurance products and pricing based on individual risk profiles, achieving a more efficient and fair pricing model.
    4. Digital: Well gone are the traditional days because now you can buy insurance digitally anywhere at any point in time, and that too without any paperwork in less time‌‌ Car insurance that is too digital is like an added advantage for the consumers.‌‌
    5. Innovation: The products are innovative and the technology added to them has a unique offering such as trip insurance, electronic cover, and hotel-stay insurance with the association of digital partners.‌‌
    6. Customer-friendly: The brand focuses on the convenience of the customers and offers products that are customer-friendly.

    Just imagine your vehicle got damaged, and you get to avail yourself of Acko’s services. You call Acko support, and your damaged vehicle will be picked up within an hour. The vehicle will be repaired in 3 days, or they will also provide you with cab services. Isn’t it amazing? No other brands offer these facilities and an easy car insurance process. So, the customer stays satisfied as they live with ease and do not worry about problems.

    Acko Business Model Canvas

    Acko is a fully digital insurance company that operates on a direct-to-consumer (B2C) model, eliminating the need for intermediaries. Its business model is driven by technology, enabling fast, affordable, and hassle-free insurance services. Here’s a breakdown of Acko’s business model using the Business Model Canvas:

    Acko Business Model Canvas
    Acko Business Model Canvas

    1. Key Partners

    • Digital partners for micro-insurance (travel, electronics, hotels)
    • Car service providers and garages
    • Third-party service providers
    • Brand partnerships for bundled insurance offerings

    2. Key Activities

    • Building and maintaining digital insurance platform
    • Issuing and managing insurance policies
    • Fast claim processing and support services
    • Data analysis for product personalization
    • Marketing and customer acquisition

    3. Value Propositions

    • 100% digital, paperless insurance process
    • Quick car insurance with pickup and repair service
    • Affordable pricing through reduced operational costs
    • Personalized insurance using customer data
    • Innovative micro-insurance products (trip, phone, hotel stay)
    • No middlemen — direct-to-consumer convenience

    4. Customer Relationships

    • 24/7 digital customer support
    • Easy online policy management and claim tracking
    • Fast service and customer-friendly processes
    • High customer satisfaction and trust ratings

    5. Customer Segments

    • Individual car, bike, and mobile owners
    • Travelers needing trip or hotel insurance
    • Corporate clients and their employees
    • E-commerce consumers needing quick cover

    6. Key Resources

    • Technology platform and digital tools
    • Skilled workforce (tech, insurance, customer support)
    • Customer data and analytics systems
    • Licenses and regulatory approvals
    • Brand reputation and trust

    7. Channels

    • Acko website and mobile app
    • Partner platforms and apps
    • Social media and digital ads
    • Direct communication (no agents involved)

    8. Cost Structure

    • Technology development and maintenance
    • Marketing and promotions
    • Employee salaries and team costs
    • Compliance and licensing expenses

    9. Revenue Streams

    • Insurance policy premiums (main source)
    • Commissions from brand partners
    • Data monetization (ads, analytics, insights)

    Acko Advertisement

    How Does Acko Make Money | Acko Revenue Model

    Acko also has several customer-friendly schemes, which is the way the company is making money. As a digital insurance platform, it provides services that are cost-effective and of better quality than other brands. Also, when it comes to the direct-to-consumer approach, there happen to be no middlemen, which eventually makes a way to make extra profit.

    The company has also gained the trust of its customers and has received high ratings from them. The customer support facility provided by Acko has also assisted in getting more appreciation from the customers and ratings too, eventually paving the way for more money acquisition and revenue. The revenue streams of Acko are:

    1. Premiums: Acko generates its primary revenue from selling insurance policies to individual and corporate customers.
    2. Commissions: Acko earns commissions from partner companies for selling insurance products as value-added services to their customers or employees.
    3. Data monetization: Acko’s data-driven approach allows for the collection of valuable customer data, which can be used for targeted marketing, advertising, and analytics services.
    Acko Insurance Revenue
    Acko Insurance Annual Revenue

    Acko’s operating revenue has shown consistent growth, rising from INR 1,334 crore in FY22 to INR 2,106 crore in FY24. However, its total expenses have also increased, from ₹1,835 crore in FY22 to INR 2,830 crore in FY24. As a result, the company has continued to report losses, INR 482 crore in FY22, INR 738.5 crore in FY23, and INR 670 crore in FY24. Despite narrowing its losses in FY24, Acko remains in the red while focusing on expansion and digital innovation.

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    The Cost Structure of Acko

    In the dynamic landscape of the insurance industry, Acko emerges as a formidable contender, driven by a multifaceted approach to business operations. The cost structure of Aco is:

    1. A significant portion of Acko’s costs is dedicated to developing, maintaining, and enhancing its technology infrastructure.
    2. Acko invests in marketing and promotional activities to acquire new customers and build brand awareness.
    3. Acko’s expenses include salaries and benefits for its team of professionals, such as engineers, data scientists, insurance experts, and customer support staff.
    4. Acko incurs costs associated with regulatory compliance and maintaining necessary licenses to operate in the insurance industry.

    Conclusion

    Acko, because of its services and perfect business model, is rising high in the insurance industry. The company has presented a record of providing insurance policies to 62+ million customers and has also issued 800 million insurance policies. The innovative products and the unique technology-based offerings are making Acko stand out from the crowd of insurance service providers.

    FAQs

    Who is Acko owner?

    Varun Dua is the founder of Acko.

    How does Acko make money?

    Acko makes money through its various insurance schemes.

    What is Acko insurance business model?

    Acko operates as a digital insurance provider, offering policies directly to consumers through its online platform. Leveraging technology and data-driven insights, it aims to streamline the insurance process, providing convenient and affordable coverage options.

    Is Acko profitable?

    No, Acko is not currently profitable. Despite increasing revenue, the company has reported significant losses in recent years.

    What are the various marketing strategy of acko general insurance?

    Acko General Insurance employs digital marketing tactics such as targeted online advertising and social media campaigns to reach its audience effectively. Additionally, it utilizes partnerships with digital platforms and influencers to expand its brand presence and customer acquisition efforts.

  • Digit Insurance: Revolutionizing General Insurance Through Technology

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    Life is risky and uncertain. We don’t know what is waiting for us. One may face an untimely death or lose a limb at a time. Accidents do not appear after knocking on your front door, we just meet with them unexpectedly.

    Digit Insurance is a security provider for all the insecurities that may occur in one’s life. It has a range of insurance policies such as Bike Insurance, Commercial Vehicle Policy, Car Insurance Policy, Health and Travel Insurance Policies, and more, which are aimed at getting its users covered without any hassles. Read the Digit Insurance success story below, where you will get to know everything about Digit, its Startup Story, Founders and Team, Business Model, Revenue Model, Funding and investors, Challenges, and more.

    Digit Insurance – Company Highlights

    Company Name Digit Insurance
    Headquarters Bengaluru, Karnataka, India
    Sector Finance, Financial Services and Insurance
    Founder Kamesh Goyal
    Founded 2017
    Website godigit.com

    Digit Insurance – About
    Digit Insurance – Startup Story
    Digit Insurance – Founder and Team
    Digit Insurance – Logo
    Digit Insurance – Business Model
    Digit Insurance – Revenue Model
    Digit Insurance – Funding and Investors
    Digit Insurance – Shareholding
    Digit Insurance – Growth and Revenue
    Digit Insurance – Financials
    Digit Insurance – Awards and Achievements
    Digit Insurance – Competitors
    Digit Insurance – Future Plans

    Digit Insurance – About

    Digit Insurance is a Bengaluru-based general insurance and financial services company. Its mission is to make insurance simple for the common people. Digit General Insurance has come up with numerous insurance plans that can be primarily categorized as:

    • Go Digit health insurance
    • Go Digit car insurance
    • Digit 2-wheeler insurance or GoDigit bike insurance for bikes
    • Go Digit commercial vehicle insurance
    • Go Digit travel insurance

    Digit Insurance – Startup Story

    Previously bread had to be sliced from loaves. It wasn’t simpler like today’s slices. People find insurance to be like those unsliced loaves. Customers also don’t understand which plan is appropriate for whom. The company believes that this thinking can be changed. With this Digit Insurance started making insurance simple with an aim to go back to the basics and simpler transparent insurance solutions. Simple meant no twisted rules. The company needed a simple name and hence it found the name digit to be perfect and appropriate for them.

    Digit Insurance – Founder and Team

    Kamesh Goyal

    Kamesh Goyal is the Founder and the Chairman of the company, Digit Insurance. He previously worked at Allianz Insurance as the Head of Asset Management and Group Planning and Controlling. He was also the Regional Chief Executive Officer there. Goyal also served as the Chief Executive Officer, Chief Operating Officer, and Country Manager at Bajaj Allianz. The Digit owner began his career as a Manager at KPMG, India. He pursued B.A. LLB and also completed his Master’s in Business Administration from Delhi University.

    Kamesh Goyal, Chairman & Founder, Digit Insurance

    On the appointment of Jasleen as the new MD and CEO of Digit Insurance, taking over Vijay Kumar, Kamesh Goyal, the Chairman of Digit Insurance, said, “The bold ideas that Vijay brought to the table and the guidance he provided across the board will surely be missed by all our colleagues including me. Jasleen’s agile market strategies and her prudent operational planning have aided the company in expanding its presence at an accelerated pace despite the pandemic. Her people and result-oriented focus will surely put Digit on the path of rapid growth that we have all envisioned.”

    Philip Varghese

    Philip Varghese currently serves as the Executive Director of Digit Insurance. Philip started as the Manager of Projects at Allianz after his brief stint at Alpic Finance. He then served as the Senior Manager of Property Underwriting, CIO, and CIO & Head Direct at Bajaj Allianz General Insurance. Varghese then joined Bajaj Allianz Life, where he served as a CEO and COO before joining as the Board Member of Allianz Technology. Philip eventually joined Digit Insurance at a very early stage, when he teamed with the founder of Digit.

    Philip Varghese, Executive Director of Digit Insurance

    Vijay Kumar

    Vijay Kumar served as the CEO and Principal Officer at Digit Insurance before the job role of MD and CEO was announced to go to Jasleen Kohli, who will be assuming the position effective from April 20, 2022. Starting as the Senior Executive Service & Quality at Kirloskar Pneumatic Company, Vijay Kumar has served in a range of companies in key leadership positions including Maruti Udyog Ltd, Hyundai Motor India Ltd., and Bajaj Allianz, before joining Digit. Vijay Kumar served as the CEO of the organization since Digit was founded in 2017, and his superannuation is dated April 19, 2022.

    Vijay Kumar, Principal Officer of Digit Insurance

    Vijay Kumar, on his retirement said, “I have had a fulfilling inning at Digit and I’m happy to see this baby grow into a giant player in such a short span of time. I am confident Jasleen will execute Digit’s ambitious growth plans with ease and take the company to greater heights in the coming years. As a passionate veteran of this industry, I will keenly keep an eye on Digit as it transforms the insurance space through its tech capabilities in the coming years.”

    Jasleen Kohli

    Jasleen Kohli has been appointed as the MD and CEO of Digit Insurance, effective from April 20, 2022. Kohli has previously worked as the Chief Distribution Officer (CDO), has been working with Digit since the inception of the company, better known as the first employee of the company. As part of her responsibilities as the CDO of Digit, Jasleen had to oversee all the sales and distribution channels of Digit. Kohli is brimming with experience too, with around 19 years of experience in the life and general insurance industry. Allianz Technology was the last company that Kohli worked with as a Director before she joined Digit. Jasleen Kohli is aged 42 now, and with her latest appointment, she will become one of the youngest CEOs in the insurance industry.

    On her appointment announcement as the new MD and CEO of Digit, Jasleen Kohli said, “I am delighted about this new responsibility entrusted in me by the Digit team. While it will be hard to fill Vijay’s experienced shoes, I am excited about this challenge.”

    Appointments followed with the announcement of Jasleen Kohli as the MD and CEO. The company also promoted Adarsh Agarwal from the role of Appointed Actuary to Chief Distribution Officer (corporate business). The former position of Adarsh Agarwal has been filed by Nikhil Kamdar, who became the new Appointed Actuary, as per the reports dated April 19, 2022.

    Sriram Shankar was another Digit executive, who has been a part of the early leadership team of Digit. Since Shankar left Digit in August 2018, he has served Goodera as a Business head and eventually co-founded Findeed.

    Digit Insurance currently works with over 1000 employees.

    Go Digit Logo
    Digit Insurance Logo

    Digit Insurance – Business Model

    The Digit Insurance business model works just like the business models that the insurance companies opt for, the only difference is that Digit aims to introduce a range of new products and services to disrupt the Indian general insurance sector. It holds a general insurance license, which allows the company to sell health insurance products. Car and home insurance are common but Digital Insurance provides jewellery and mobile insurance as well. Furthermore, the company is redefining the insurance industry by working digitally. Its business strategy is to create beneficial partnerships with various companies.

    Among various other insurance plans, Digit is one of the insurance companies that launched Go Digit Covid insurance. The coronavirus health insurance of the company is similar to a customized health insurance policy, which helps to cover the hospitalization and treatment costs of the COVID-19 infected persons who have previously registered with Digit.

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    Digit Insurance – Revenue Model

    Digit Insurance earns the majority of its revenues from its business line of products which includes its insurance plans and their premiums. The general insurance company extends a wide range of insurance plans for health, motor, and travel. Digit clocked in $400 million in annual premiums when last recorded in October 2021.

    Digit Insurance – Funding and Investors

    Digit Insurance funding has seen it rise to unicorn status in 2021. The company has raised around $585.6 million in funding over the 9 funding rounds that it saw. The latest funding round that Digit witnessed on January 18, 2022, came from Wellington Hadley Harbor and Ithan Creek Master Investors, where the company raised $70 mn.

    The valuation of the company is estimated at $3 billion, as of May 2024.

    Date Transaction Name Money Raised Lead Investors
    May 4, 2022 Venture Round INR 41.7 crore –
    January 18, 2022 Venture Round $70 million Wellington Hadley Harbor and Ithan Creek Master Investors.
    August 26, 2021 Venture Round $16.09 million TVS Capital Funds
    July 2, 2021 Venture Round $200 million Sequoia Capital India, IIFL Alternate Asset Managers, Faering Capital and more
    January 16, 2021 Venture Round $18.77 million A91 Partners, TVS Capital, Faering Capital
    January 21, 2020 Venture Round $84 million A91 Partners, Faering Capital, TVS Capital Funds
    June 5, 2019 Venture Round $50 million Fairfax Financial Holdings
    July 3, 2018 Venture Round $45 million Fairfax Financial Holdings
    June 1, 2017 Venture Round $47 million Fairfax Financial Holdings

    Digit Insurance is funded by 4 lead investors. IIFL Asset Management and Faering Capital are the most recent investors of the firm.

    Digit Insurance IPO

    Go Digit IPO raised INR 2,614.65 crore, with a fresh issue of 4.14 crore shares (INR 1,125 crore) and an offer for sale of 5.48 crore shares (INR 1,489.65 crore). The IPO was open from May 15 to May 17, 2024, with allotment finalized on May 21 and listing on BSE and NSE on May 23. The price band was INR 272 per share. Retail investors could apply with a minimum lot of 55 shares for ₹14,190 (cutoff bid: INR 14,960). Minimum investments were INR 2,09,440 for sNII (770 shares) and INR 10,02,320 for bNII (3,685 shares).

    Digit Insurance – Shareholding

    Digit Insurance’s shareholding pattern as of April 2024, sourced from Tracxn:

    Digit Insurance Shareholders Percentage
    TVS Capital Funds 3.5%
    A91 Partners 3.3%
    Faering Capital 4.4%
    Wellington Management 1.5%
    Sequoia Capital 1.0%
    Ithan Creek Investors 0.4%
    360 One 0.4%
    LNM India Internet Ventures 0.1%
    UBR Capital < 0.1%
    QED Innovation Labs < 0.1%
    Parent Entity 82.1%
    Cornerstone Sport < 0.1%
    Rs Filmcraft < 0.1%
    Forward Commercial < 0.1%
    D’Artist Talent Ventures –
    Singhaniafuture –
    Dossa Chemicals –
    Sai Service –
    Maruti Stockfin –
    Angel 0.2%
    Other People 0.2%
    ESOP Pool 2.3%
    Other Investors 0.6%
    Total 100.0%
    Digit Insurance Shareholding
    Digit Insurance Shareholding

    Digit Insurance – Growth and Revenue

    Joined the Unicorn Club with a $1.9B Valuation

    Digit Insurance became the 1st Indian Startup in 2021 to join the Unicorn Club, following its latest undisclosed investment round.

    Digit Inusrance timeline
    Digit Insurance Valuation

    It also launched a novel COVID-19 product, a Fixed benefit cover for COVID-19. They have been able to reach out to over 20 lakh Indian lives through their Digit Group Illness Insurance product.

    Digit Insurance has already achieved a wide array of milestones. Here are some of the popular growth highlights of the company:

    • Digit achieved the coveted unicorn valuation in less than 4 years of operation
    • The company boasts of serving 2 crore+ customers
    • Digit saw a whopping 11X growth in the company’s group health business, which was last recorded at Rs 170 crore
    • Digit Insurance claims to have sold over 79,536 health policies and insured 42.5 lakh lives between March 2020 and September 2021
    • The company grew by 44% with a premium of Rs 3,243 crore
    • Digit is hailed as the first Indian company that achieve a unicorn valuation in 2021
    • Digit valuation has crossed the $4 billion mark as per the reports dated May 4, 2022

    Digit Insurance – Financials

    Digit Insurance has shown significant financial improvement in recent years, with notable growth in revenue and a shift from losses to profits.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 656.8 crore INR 39.2 crore INR -293.7 crore INR -118.5 crore INR -172.6 crore
    Operating Profit/Loss INR 484.2 crore INR -66.3 crore INR -375.2 crore INR -185.5 crore INR -226.9 crore
    Profit/(Loss) Before Tax INR 181.7 crore INR 35.5 crore INR -295.9 crore INR -122.8 crore INR -175.2 crore
    Profit/(Loss) for the Year INR 181.7 crore INR 35.5 crore INR -295.9 crore INR -122.8 crore INR -175.2 crore

    Revenue rose sharply from INR 39.2 crore in FY23 to INR 656.8 crore in FY24. Profit after tax increased from INR 35.5 crore to INR 181.7 crore.

    Digit Insurance Revenue:

    Revenue Source FY24 FY23
    Fire Insurance INR 54.2 crore INR 22.1 crore
    Marine Insurance INR 6.8 crore INR -6.8 crore
    Miscellaneous Insurance INR 423.2 crore INR -81.5 crore
    Income from Investments INR 172.1 crore INR 105.2 crore
    Other Income INR 0.5 crore INR 0.2 crore
    Total Revenue INR 656.8 crore INR 39.2 crore

    Revenue from investments increased from INR 105.2 crore to INR 172.1 crore. Fire insurance income more than doubled from INR 22.1 crore to INR 54.2 crore.

    Digit Insurance Expenses:

    Expense Type FY24 FY23
    Other Expenses INR 475.2 crore INR 3.6 crore
    Expenses (Non-Insurance) INR 1.5 crore INR 3.6 crore
    Loss on Sale/Discard of Fixed Assets – INR 0.2 crore
    Interest on Non-Convertible Debentures INR 6.1 crore –
    Contribution to Policyholder Fund (ExceEOM) INR 467.5 crore –

    Other expenses increased sharply from INR 3.6 crore in FY23 to INR 475.2 crore in FY24. Contribution to policyholder funds was a significant cost of INR 467.5 crore.

    Digit Insurance Profit/Loss:

    Profit/Loss Type FY24 FY23
    Gross Profit INR 484.2 crore INR -66.3 crore
    Operating Profit/Loss INR 484.2 crore INR -66.3 crore
    Net Profit/(Loss) INR 181.7 crore INR 35.5 crore

    Digit Insurance achieved a net profit of INR 181.7 crore in FY24 compared to INR 35.5 crore in FY23.

    Quick Summary:

    • Revenue Growth: Significant increase from INR 39.2 crore to INR 656.8 crore, driven by investments and insurance income.
    • Expense Surge: Other expenses rose from INR 3.6 crore to INR 475.2 crore, impacting profit margins.
    • Profit Improvement: Net profit increased fivefold from INR 35.5 crore to INR 181.7 crore, reflecting better operational performance.
    • Insurance Segments: Fire and miscellaneous insurance showed strong growth, while marine insurance returned to profitability.

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    Digit Insurance – Awards and Achievements

    Some of the prominent awards and achievements that Digit Insurance achieved throughout the years are:

    • Digit Insurance Recognized as ‘Top Employer in India’ for 2024 and 2025 for Fostering Culture of Growth and Innovation
    • Digit Insurance was announced as the General Insurance Company of the Year at the 24th Asia Insurance Industry Awards in 2020
    • It earned the Insurance Startup of the Year – India award, which was awarded by the Insurance Asia Awards 2020
    • Asia Insurance Review declared Digit as Asia’s Best General Insurance Company of the Year
    • Digit Insurance was one of the Hottest Start-ups in India in 2019
    • In the CMO Confluence & Corporate Awards 2019, Digit was conferred the title of the Best General Insurance Company
    • The company ranked 5th among the LinkedIn Top Start-ups of 2018

    Digit Insurance – Competitors

    The top competitors of the company are Acko, Coverfox, and PolicyBazaar.

    • Acko is the top competitor of Digit Insurance. It is a Mumbai-based company founded in 2016. It also works in the insurance industry.
    • Coverfox is one of the top competitors of Digit Insurance. It was founded in 2013 and is headquartered in Andheri East, Maharashtra, India. It also operates in the insurance sector.
    • PolicyBazaar is also a top rival of Digit Insurance. It was founded in 2008 and is headquartered in Gurgaon, Haryana, India. The company competes in the insurance sector.

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    Digit Insurance – Future Plans

    Digit Insurance plans to capitalize on a favorable macroeconomic climate and accelerate digital transformation, with a strong focus on AI adoption. Key priorities include improving customer-facing services such as claims management and customer support to enhance user experience. While exploring the potential of AI and Generative AI, Digit will adopt a cautious approach, balancing innovation with risk management. The company also aims to strengthen its fraud detection capabilities to address the rising threat of insurance fraud.

    FAQs

    Who is Digit Insurance Founder?

    Kamesh Goyal is the founder of Digit Insurance as well as its chairman.

    What insurances does Digit Insurance provide?

    Digit Insurance covers insurance policies such as Bike Insurance, Car Insurance Policy, Health and Travel Insurance Policies, Property Insurance, Shop Insurance, Fire Insurance, and many more.

    What is Digit Insurance valuation?

    Digit Insurance was last valued at $3 billion in May 2024.

    What is Digit Insurance business model?

    Digit Insurance operates as a digital-first general insurance company. It offers motor, health, travel, property, and commercial insurance products. Its model focuses on using technology for simplified processes, quick claim settlements, and a seamless customer experience. The company generates revenue through insurance premiums and investment income while managing risks through underwriting and reinsurance.

    Who is the CEO of Digit Insurance?

    Jasleen Kohli has been appointed as the new Digit Insurance CEO and MD on April 19, 2022, effective from April 20, 2022, and has taken over the position from Vijay Kumar.

    Which famous cricketer has funded Digit?

    The popular Indian cricket team skipper, Virat Kohli has funded Digit. Virat Kohli has invested Rs 2 crore in the insurance startup while his wife, Anushka Sharma has invested Rs 50 lakhs in the firm around the same time.

    What is Jasleen Kohli relation with Virat Kohli?

    There is no relation between Jasleen Kohli and Virat Kohli. Jasleen Kohli is the Managing Director and CEO of Digit Insurance, while Virat Kohli is an Indian cricketer. Their shared last name is coincidental.

  • IRDAI Introduces Bima-ASBA Through UPI to Facilitate the Payment of Insurance Premiums

    One-Time Mandate (OTM) via the Unified Payments Interface (UPI) is now permitted for insurance businesses by the Insurance Regulatory and Development Authority of India (IRDAI). Policyholders will be able to block money in their bank accounts for particular transactions thanks to this function. According to IRDAI, funds are transferred from the prospect to the insurer only after an insurance policy is issued under the Bima Applications Supported by Blocked Amount (Bima-ASBA) program. With this service, insurers can provide a one-time order to block a specific amount in the concerned prospect’s bank account via UPI. It further said that only if the insurer accepts the request will the money for the insurance premium be deducted. The sum will be unblocked and made accessible to the prospect in the event that the insurer rejects the proposal.

    Facility is Open for Both Health and Life Insurance

    Insurers are required to provide the facility to both life and health insurance policyholders and have been instructed to provide a proposal form to policyholders via a standard declaration in order to block the amount through UPI. To be included in the request for approval, the Life and General Insurance Councils must both release a standard declaration within a week following IRDAI’s circular. Additionally, the regulator stated that policyholders who choose not to use Bima-ASBA will not have their bids denied.

    According to the circular, insurance firms must collaborate with several banks, have suitable procedures and systems in place, and have the required contracts with partner banks. According to the relevant statutes and legislation, this is necessary for the creation of the OTM by UPI exclusively in the insurer’s favour and for the prospect’s verification through a one-time mandate. The OTM has a maximum validity duration of 14 days or until the underwriting decision, whichever comes first.

    Amount Blocking Cycle

    After 14 days have passed after the funds were first stopped, or within one working day of the proposal form’s non-acceptance date, the sum under Bima-ASBA will automatically be unblocked. The insurer must use the facility to change the mandate with the prospect’s one-time approval or authorisation if the premium to be charged exceeds the banned amount. The insurer will automatically unblock the blocked amount through the partner bank if the application is not processed within 14 days. Customers will have access to this facility by March 1, 2025, at the latest.

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  • Varun Dua: The Visionary Behind India’s Insurtech Revolution

    India’s financial technology industry has seen an explosive surge in financing over the last several years, with assets totaling more than $8 billion allegedly invested across various stages. India has the world’s highest FinTech rate of adoption. India has 10,200 registered fintech startups in 2024 and is one of the fastest-growing FinTech industries in the world. The Indian FinTech business is expected to be worth $150 billion by 2025.

    While Payments and Alternative Finance accounted for more than 90% of investment flows in 2015, there has been a major change toward a more fair distribution of investment across sectors since then, with InsurTechs, WealthTechs, and other areas garnering considerable attention. In India, around 17 Fintechs have been designated as ‘Unicorns.’

    Insurance companies throughout the world, particularly in India, have a lot of opportunities to use technology to optimize distribution costs and provide algorithms for personalized pricing. A believer of the same, Varun Dua, in the digital era, is commonly acclaimed for redesigning India’s insurance narrative.

    “If you really want to change the plumbing, you will have to start manufacturing it,” is what he says. Varun Dua, the founder and CEO of Acko, is a renowned serial fintech entrepreneur. He co-founded and served as the CEO of one of India’s top online insurance aggregators, Coverfox, before launching Acko in 2016. Investors invested $30 million into Acko even before the formal debut, based on Varun’s proven records.

    Varun Dua Biography

    Name Varun Dua
    Birth 1981
    Nationality Indian
    Occupation Co-founder and CEO of Acko, Co-founder of Coverfox & Glitterbug Technologies
    Net worth INR 107 crore (2024)

    Varun Dua – Early Life and Education
    Varun Dua – Family
    Varun Dua – Career
    Varun Dua – Acko
    Varun Dua – Investments
    Varun Dua – Challenges Faced
    Varun Dua – Shark Tank India

    Varun Dua – Early Life and Education

    Acko’s Founder and Chief Executive Officer, Varun Dua, has over 10+ years of experience in the insurance market, with a wide spectrum of services and responsibilities. He was in charge of marketing analytics for direct business acquisition and technology for effective customer service. Coverfox Insurance Broking Pvt. Ltd. was his company, and he was its CEO and Co-founder.

    He completed his Bachelor’s degree from the University of Mumbai. Later, he pursued a master’s at a prominent business school in India called MICA. Known for his extensive experience in product management and business development, Varun Dua’s educational background reflects a solid foundation for his professional journey.

    Varun Dua – Family

    Varun Dua’s father’s name is Chander Mohan Dua. His mother is Rashmi Dua and he is married to Sapna Rana.

    Varun Dua – Career

    Varun Dua, the founder of Coverfox, an online insurance aggregation platform, followed the road less traveled in a startup climate where the mantra is “act rapidly and damage things.”

    Varun worked as a Trainee at Leo Burnett Advertising for less than a year after graduating. He subsequently went on to work for Tata AIG Life Insurance and Franklin Templeton Investments as a marketing manager. Varun launched two prior companies before founding Coverfox in 2013, Glitterbug Technologies and Enser Communications.

    One of the key motivations for founding Acko, according to Dua, was the awareness that there had been an open chance to use the World Wide Web to bring interesting ways of selling insurance products.

    Despite the fact that Dua had just come into contact with insurance by chance, he was rapidly pulled into its world and learned everything there was to know about the market’s intricate inner workings. It wasn’t long before he had the desire to start his own business.

    In his own words, “I started off not really clear about what I wanted to do, but I definitely didn’t want to do what I was doing.”

    The firm takes a D2C strategy, using its web platform to market traditional insurance services. This makes underwriting and risk selection substantially easier. Acko, his company, also offers unique and bite-sized insurance solutions, including rider insurance, ticket cancellation, mobile and appliance protection, and more, in addition to vehicle, bike, and health insurance. Acko also touts partnerships with more than 15 key digital ecosystem firms, including Ola, RedBus, OYO, Zomato, Urban Company, HDB Financial Services, and others.

    Varun Dua on the Future of Insurance

    Varun Dua – Acko

    Varun Dua - Co-founder and CEO of Acko
    Varun Dua – Co-founder and CEO of Acko

    Acko’s overall motto, according to its website, is “Insurance made easy: Zero commission. Zero paperwork.” Acko ran a campaign with the phrase “Full Paisa Wasool” to make people aware. The term “complete value for money” refers to insurance providing complete value.

    Insurance schemes are how Acko makes money. Furthermore, Acko’s digital-only approach removes the retail costs of building physical storefronts as well as a parasitic reliance on a distribution network, both of which are factors that competing insurance firms rely on heavily.

    Insurers, according to the owner of Acko Insurance, Dua, are obligated to hire salespeople to reach out to clients and market their goods because they all essentially provide the same or comparable products.

    “Our focus on creating customised solutions will create the demand we are looking for, thus eliminating the need to hard-sell and invest a lot on a distributing network,” he adds.

    Mumbai-based Acko, founded by Varun Dua, features a variety of customer-friendly programs. The organization has received several five-star ratings and over 4.5 crore satisfied customers as a result of its customer-centric initiatives.

    Acko reported an operating revenue of INR 1,334 crore in FY22, which grew to INR 1,758 crore in FY23 and further increased to INR 2,106 crore in FY24. However, the company faced losses during these years. It recorded a loss of INR 482 crore in FY22, which widened to INR 738.5 crore in FY23 before improving slightly to INR 670 crore in FY24.

    They deliver outstanding customer service, and as a result, Acko has gained their clients’ confidence. Narayan Murthy and Accel are also behind Acko’s amazing growth. Acko underwrote a premium of INR 41.56 crore in September 2019. In comparison to 2018, the firm had a 6x increase. The premium was previously valued at INR 6.53 crore.

    Customers were unable to visit the showrooms because of the pandemic. Automobile purchases made through digital means, on the other side, have increased considerably. When compared with the year 2021, Acko, a digital insurance provider, saw a stunning 120 percent increase in sales of automotive insurance contracts in the first quarter of FY22.

    Whether it’s for our vehicle, bike, or ourselves, pre-purchased insurance nearly always comes in useful, if not proving to be a lifesaver. Unfortunately, not all insurance service providers are glad to embrace a 0% fee and serve their customers online, but Acko is, which is why Acko is swiftly gaining steam.

    Acko is here to provide premium insurance to the Indians. And moreover, the Mumbai-based Acko is now a unicorn. In the IPL 2022, Acko General Insurance signed on as an associate sponsor for three teams: Gujarat Titans, Kolkata Knight Riders, and Lucknow Supergiants. Two of these teams are new to IPL, having made their debut in the 15th edition.

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    Varun Dua – Investments

    Varun Dua has made 5 investments with the latest investment made in infinyte.club on August 12, 2024.

    Date Company Round Round Amount Lead Investor
    Aug 12, 2024 infinyte.club Seed Round INR 302 million –
    Jun 25, 2024 Plus Gold Seed Round $1.2 million –
    Sep 2, 2021 dezerv. Seed Round $7 million –
    May 23, 2017 Acko Seed Round $30 million No
    Feb 21, 2016 Charcoal Eats Seed Round $150K No

    Varun Dua – Challenges Faced

    A basic challenge with his journey in the insurance sector, according to Dua, has been a lack of trust, which has created a big obstacle in his way in the beginning. Because of the complexities of the products on the market, the buying procedure, and the claiming process, the trust gap is exacerbated.

    Customers have always found the insurance claims procedure to be a lengthy, time-consuming, and frequently iterative process. He wants to improve the consumer experience all the way through the value chain.

    Varun Dua – Shark Tank India

    Varun Dua - Shark Tank India
    Varun Dua – Shark Tank India

    In more ways than one, the first season of the show, Shark Tank India has been a blessing to ambitious entrepreneurs in India. For watchers, it has been a huge hit! For openers, the show has brought those entrepreneurs a lot of attention, if not money.

    The exposure, along with lucrative investments from the sharks, has paid off for some chosen ones. The Sharks’ banter, which is the most amusing segment for the desi population, helps to make the program what it is. It undoubtedly adds to the enthusiasm and provides some excellent items on Indian television. In the popular show’s third season, Varun Dua was one of the sharks at that time.

    This is what he wrote on his X account:

    To be a “shark” today for me is a strange feeling. I wasn’t born with a silver spoon. And with my average grades, I wasn’t what you’d call type A either. There was nothing in my resume, my repertoire or my background which should lead to the path of starting out a business, that should become large. And yet, here I am. My journey building @ACKOIndia has been anything but straightforward which is why being on Shar40k Tank is so meaningful. There is immense opportunity for young entrepreneurs in right now, as we are on the verge of a techtonic shift in India and India’s ambitions. I’m looking forward to contributing in this new ocean of opportunities with some awesome entrepreneurs.

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    FAQs

    Who is Acko owner?

    Varun Dua is the founder and CEO of Acko Insurance.

    What are Varun Dua education qualifications?

    Varun Dua completed his Bachelor’s degree from the University of Mumbai. Later, he pursued a master’s at Mudra Institute of Communications (MICA), Ahmedabad.

    Does Amazon own Acko?

    Amazon is not Acko’s owner. While Amazon has been a major investor in Acko since 2018, contributing to its funding rounds, Acko remains an independent company with its own board of directors and management team.

    What is Varun Dua net worth?

    Varun Dua’s estimated net worth as of 2024 is INR 107 crore.

    Who is Varun Dua wife?

    Sapna Rana is the wife of Varun Dua.

    What is Varun Dua age?

    Varun Dua was born in 1981. He is 43 years old.

    What is Acko net worth?

    Acko’s valuation after its last funding round was $1.4 billion.

  • Credit and Insurance Services Offered by Aditya Birla Capital Are Now Available on ONDC

    According to reports, Aditya Birla Capital has declared that all three of its primary services—lending, insurance, and investments—will be integrated on the Open Network for Digital Commerce (ONDC). Aditya Birla Capital Ltd. (ABCL) asserts that this makes it the first financial services firm to incorporate all three of the main products on the network supported by the government. According to the media reports, ABCL stated that the action is intended to improve user experience and make it easier to access financial goods on the site. India’s digital public infrastructure has grown quickly in recent years, establishing networks that are open and compatible with one another.

    According to ABCL CEO Vishakha Mulye, the company’s partnership with ONDC will enable it to reach every corner of “Bharat” and meet the financial requirements and goals of customers who might not have had access to official credit, insurance, or investment possibilities in the past. Thampy Koshy, CEO of ONDC, commented on the collaboration, saying that Aditya Birla Capital’s integration demonstrates their dedication to democratising financial products. This action enhances ONDC’s financial inclusion aim while broadening its product options.

    Giving Wider Variety and Options to Customers

    As part of the partnership, ABCL’s goods will be accessible on ONDC through a number of buyer apps, allowing consumers to obtain financial products straight away without having to download extra software. However, the network will be able to expand its fintech play by bringing on new participants. It is important to remember that ONDC has long been developing the infrastructure for investments, insurance, and credit. It collaborated with ABCL as part of the credit integration early pilot.

    Aditya Birla Health Insurance and Aditya Birla Sun Life AMC, two of ABCL’s major businesses, have also implemented mutual fund and health insurance products on the state-backed network. Just one week has passed since CEO Koshy stated that the volume of transactions on ONDC has increased by almost three times since December of last year. He also stated that the network intends to increase the volume by an additional seven to eight times by December of 2025.

    Growing Network of ONDC

    ONDC, an open network for the exchange of goods and services via digital networks, was introduced in 2021. It says it has 200 apps and is available online in more than 611 cities. A working committee including fintech industry experts was formed by ONDC in June to design a methodology for the integration and onboarding of sellers and industry participants. Later, in August of this year, ONDC launched its first fintech products in collaboration with Easypay, Paisabazaar, Tata Digital, Invoicepe, Cliniq360, and other companies. In collaboration with online trading and investment platform Appreciate and asset management company (AMC) Nippon India Mutual Fund, the platform also saw its maiden mutual fund transaction in October.

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  • Niva Bupa Health Insurance: Transforming Healthcare Coverage for Millions in India

    Niva Bupa Health Insurance is one of India’s leading standalone health insurers, recognized for its innovative offerings and rapid growth. 

    With a robust market share of 17% as of FY24 and coverage extended to over 14 million lives, the company has established itself as a significant player in the Indian SAHI (Standalone Health Insurance) segment. Its impressive revenue growth reflects its strong operational and strategic momentum.

    The company has set ambitious goals, including expanding to 600 cities, increasing its hospital network to over 10,000, and covering 10 million people by the end of FY24. 

    Additionally, its upcoming IPO is poised to strengthen its financial position and drive further growth.

    In this Startup Talky article, we will explore Niva Bupa’s journey, strategic plans, financial performance, and the challenges it faces in the competitive health insurance landscape.

    Niva Bupa Health Insurance Company – Company Highlights

    Name Niva Bupa
    Headquarters New Delhi, India
    Sector Insurance
    Founder Maninder Singh Juneja David Fletcher Chandrashekhar Bhaskar Bhave
    Founded 2008
    Website www.nivabupa.com

    Niva Bupa Health Insurance Company – About
    Niva Bupa Health Insurance Company – Industry
    Niva Bupa Health Insurance Company – Founders and Team
    Niva Bupa Health Insurance Company – Startup Story
    Niva Bupa Health Insurance Company – Mission and Vision
    Niva Bupa Health Insurance Company – Name, Tagline and Logo
    Niva Bupa Health Insurance Company – Business Model 
    Niva Bupa Health Insurance Company – Revenue Model
    Niva Bupa Health Insurance Company – Challenges Faced
    Niva Bupa Health Insurance Company – Funding and Investors
    Niva Bupa Health Insurance Company – Advertisements and Social Media Campaigns
    Niva Bupa Health Insurance Company – Awards and Achievements
    Niva Bupa Health Insurance Company – Competitors
    Niva Bupa Health Insurance Company – Future Plans

    Niva Bupa Health Insurance Company – About

    Meet Niva Bupa Health Insurance Company Limited, a trusted name in health insurance since 2008. Headquartered in New Delhi, India, Niva Bupa offers a diverse range of health insurance plans tailored to suit every unique need.

    A Legacy of Excellence

    Originally launched as Max Bupa Health Insurance Company Limited, Niva Bupa is the result of a strategic joint venture. It combines the expertise of Fettle Tone LLP, an Indian private equity firm affiliated with True North Fund VI LLP, and Bupa Singapore Holdings Pte. Limited, is a global leader in healthcare services. Together, they’ve created a brand committed to safeguarding your health and well-being.

    Pioneering Milestones in Health Insurance

    • Trailblazers in Innovation: In 2011, Niva Bupa became the first health insurer in India to integrate with the Insurance Regulatory and Development Authority’s (IRDAI) Integrated Grievance Management System in real-time. This proactive approach ensures seamless resolution of customer concerns.
    • Smart Insurance On-the-Go: In 2019, Niva Bupa revolutionized the insurance industry with the launch of AnyTimeHealth (ATH) machines, enabling customers to purchase health insurance within seconds – no hassles, just health security!

    Regulated and Reliable

    Under the supervision of IRDAI, Niva Bupa continues to set benchmarks in transparency and customer satisfaction.

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    Niva Bupa Health Insurance Company – Industry

    Record-Breaking Growth in FY25: India’s life insurance sector saw a 22.91% YoY growth in first-year premiums during Q1 FY25, reaching INR 89,726.7 crore (US$ 10.75 billion), up from INR 73,004.87 crore (US$ 8.75 billion) in Q1 FY24, highlighting increased trust and demand.

    Attracting Global Investment: India’s insurance sector attracted INR 54,000 crore (US$ 6.5 billion) in FDI over the past nine years, driven by progressive FDI regulations and an investor-friendly environment.

    LIC of India’s Historic IPO: The LIC IPO in 2022 became India’s largest IPO and the sixth-largest globally, marking a pivotal moment in India’s financial history and boosting confidence in the insurance sector.

    A Flourishing Future: The Indian insurance market is projected to reach US$ 222 billion by 2026, fueled by rising awareness, innovation and digital adoption in insurance services.

    Empowering Indian Farmers: Under the Ayushman Bharat PMJAY initiative, 56.8 crore farmer applications were enrolled, with 23.2 crore farmers receiving claims, safeguarding the rural economy.

    Niva Bupa Health Insurance Company – Founders and Team

    Krishnan Ramachandran (Managing Director and CEO)

    Krishnan Ramachandran (Managing Director and CEO)
    Krishnan Ramachandran (Managing Director and CEO)

    Krishnan Ramachandran, with over 25 years of expertise in healthcare and financial services, is a visionary leader dedicated to transforming lives through innovative strategies and inclusive solutions. As the former CEO of Apollo Munich Health Insurance and now a key figure at Niva Bupa, he leverages technology to enhance healthcare accessibility, affordability and quality, striving to make healthcare insurance a reality for all.

    His expertise extends to wealth management, having advised High Net Worth Families globally, providing tailored strategies to preserve and grow wealth. A seasoned professional in strategic sales, mergers and acquisitions, capital markets and international taxation, Krishnan combines deep industry knowledge with operational excellence. An alumnus of BITS Pilani and IIM Calcutta, his leadership continues to shape the future of healthcare and financial services with a focus on equitable and impactful solutions.

    Maninder Singh Juneja (Board member and Director)

    Maninder Singh Juneja (Board member and Director)
    Maninder Singh Juneja (Board member and Director)

    Maninder Singh Juneja brings over three decades of extensive experience, with 26 years dedicated to the financial services sector. As a board member and director at Niva Bupa, he plays a pivotal role in steering the company’s strategic direction. Previously, Juneja served as Senior General Manager and India Head for Retail Banking at ICICI Bank, overseeing strategy, product development, branch banking and distribution channels. Additionally, he held the position of Vice-Chairman at ICICI Home Finance Company Limited and served on the boards of prominent institutions like CIBIL, NPCI, IARC and ICICI Merchant Service Ltd.

    In 2016, he joined True North, focusing on managing and transforming businesses within the financial services sector. Juneja holds a Bachelor’s degree in Civil Engineering from MS University and a Post Graduate Diploma in Management from IIM Lucknow, credentials that underscore his expertise in blending technical acumen with business strategy.

    David Fletcher (Chief Risk Officer)

    David Fletcher (Chief Risk Officer)
    David Fletcher (Chief Risk Officer)

    David Martin Fletcher has been serving as Chief Risk Officer for Bupa since January 2017, bringing a wealth of global financial services expertise to the role. He joined Bupa in 2014 and previously held key positions as Chief Internal Auditor and Managing Director of Bupa International Development Markets. Fletcher’s international career spans senior roles with Standard Chartered and Citibank across Nigeria, China, Hong Kong, Singapore, Bangladesh, Indonesia and London. He also served as President Director of Bank Permata in Indonesia and Group Head of Internal Audit at Standard Chartered. Fletcher holds a bachelor’s degree in modern history from Durham University, UK and is a member of Bupa’s Chief Executive Committee, as well as Vice Chairman and Director of Bupa Arabia for Cooperative Insurance Company.

    Chandrashekhar Bhave (Chairman and Independent Director)

    Chandrashekhar Bhave (Chairman and Independent Director)
    Chandrashekhar Bhave (Chairman and Independent Director)

    Chandrashekhar Bhave is an experienced professional with a background in public service and securities regulation. He has held key positions at Black Box Limited, CMC Limited, Tejas Networks Limited, Saankhya Labs, NSDL Database Management, Protean Egov Technologies, and Tata Consulting Engineers.

    Currently, he serves as a director at Avenue Supermarts, Mahindra & Mahindra Financial Services, Niva Bupa Health Insurance, Vistaar Financial Services and the Indian Institute for Human Settlements.

    An alumnus of Jabalpur Engineering College, Mr. Bhave’s notable roles include Senior Executive Director at SEBI (1992-1996), Chairman and Managing Director of NSDL (1996-2008), and Chairman of SEBI (2008-2011). He was also a trustee of the IFRS Foundation and chaired the Asia-Pacific Regional Committee of the International Organization of Securities Commissions.

    Niva Bupa Health Insurance Company – Startup Story

    Niva Bupa Health Insurance, founded in 2008 as a joint venture between Max India and Bupa, launched operations in 2010 with a vision to redefine health insurance in India. Demonstrating its focus on innovation, it became the first health insurer in the country to integrate with the Insurance Regulatory and Development Authority’s Integrated Grievance Management System in 2011, offering efficient, real-time grievance resolution. In 2019, the company introduced AnyTimeHealth (ATH) machines, enabling instant health insurance purchases, further enhancing customer convenience. That same year, Fettle Tone LLP, an affiliate of True North, acquired a 51% stake from Max India, paving the way for a new era. Rebranded from Max Bupa Health Insurance Company Limited to Niva Bupa, the organization remains committed to delivering accessible, affordable and innovative health insurance solutions.

    Bupa, originally the British United Provident Association, was established in 1947 through the union of 17 British provident associations to provide healthcare for the public. As a private company limited by guarantee, Bupa reinvests all profits back into the business, ensuring sustainable growth and continued commitment to its mission.

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    Niva Bupa Health Insurance Company – Mission and Vision

    Mission

    Niva Bupa is dedicated to empowering Indians with the confidence to access the best healthcare by providing them with the knowledge, expertise, and services they need. By ensuring informed decisions and seamless healthcare solutions, the company aims to make quality healthcare accessible, reassuring customers that their health and well-being are in trusted hands.

    Vision

    Niva Bupa aspires to become India’s most admired health insurance company by prioritizing the health and security of its customers. Through innovative offerings, personalized support, and a steadfast commitment to building long-term relationships, the company seeks to set a benchmark in health insurance, earning the trust and admiration of millions across the country.

    Niva Bupa Health Insurance Company Logo
    Niva Bupa Health Insurance Company Logo

    With a tagline that inspires, “Zindagi ko claim kar le” (Claim your life), Niva Bupa Health Insurance empowers individuals to take control of their health and well-being with confidence. The brand’s identity is encapsulated in its distinctive HEARTBEAT logo, a registered service mark of The British United Provident Association Limited, symbolizing care, vitality, and a commitment to safeguarding lives. Niva Bupa continues to champion innovative health insurance solutions, ensuring every heartbeat is protected.

    Niva Bupa Health Insurance Company – Business Model 

    Customer-Centric Health Insurance Solutions

    Niva Bupa Health Insurance operates on a robust and customer-focused business model, catering to the diverse healthcare needs of families, individuals, and senior citizens. Trusted by over one crore satisfied customers, the company partners with more than 10,000 network hospitals across India, enabling cashless claim processing in under 30 minutes. With health insurance plans starting at just INR 20 per day, Niva Bupa ensures affordability and accessibility for all. Their offerings are complemented by innovative services like the 24×7 Insta Assist and a feature-rich Health App, delivering seamless support and wellness resources to their policyholders.

    Niva Bupa Health Insurance Company – Revenue Model

    Comprehensive Range of Health Insurance Plans

    Niva Bupa offers a wide array of health insurance solutions tailored to various life stages and requirements. These include Individual Health Insurance Plans, Family Health Insurance Plans, Critical Illness Insurance Plans, Personal Accident Insurance Plans, Mediclaim Policies and Travel Insurance. Each product is designed to address specific health and financial protection needs, ensuring coverage for routine healthcare, emergencies, and even unforeseen events like accidents or critical illnesses. This comprehensive approach positions Niva Bupa as a reliable partner in safeguarding the health and well-being of millions across the country.

    Niva Bupa Health Insurance Company – Challenges Faced

    Niva Bupa Health Insurance faces several challenges in a dynamic and highly competitive industry. Regulatory risks are a constant factor, as government policies and regulatory changes can impact the company’s operations and long-term strategies. The competitive landscape of India’s insurance sector demands continuous innovation and the introduction of value-added services to differentiate itself and retain market share. Additionally, efficient claim management is crucial to handle its growing customer base, as delays or inefficiencies can affect both profitability and customer satisfaction.

    Economic slowdowns pose another challenge, particularly in driving demand for health insurance products among lower-income groups, where affordability becomes a critical issue. Niva Bupa’s claim settlement ratio of 91% in FY24, which was below the industry average of 96%, indicates room for improvement in addressing customer needs. Moreover, the company’s high expense ratio, averaging 43% from FY22 to FY24, is among the highest in the industry, potentially affecting profitability. Lastly, Niva Bupa’s relatively smaller hospital and agency network, compared to competitors like ICICI Lombard, HDFC Ergo and New India Assurance, limits its accessibility and reach, highlighting the need for further expansion in this area.

    Niva Bupa Health Insurance Company – Funding and Investors

    Niva Bupa has raised a total of INR 890 crores across three funding rounds. They are as follows:

    Date Transaction Name Money Raised Investors
    Oct 12, 2023 Private Equity Round INR 800 cr –
    March 15, 2021 Corporate Round INR 9 cr Axis Bank
    Jan 1, 2019 Private Equity Round – –

    Niva Bupa Health Insurance Company – Growth

    The following table summarizes the financial performance, showing how the company’s revenues, expenses, and profits/losses evolved over the three years.

    Financials FY22 FY23 FY24
    Operating Revenue INR 1,877.35 cr INR 2,853.07 cr INR 4,115 cr
    Total Expenses INR 2,355.22 cr INR 3,214.78 cr INR 4,254.41 cr
    Profit/Loss Loss of INR 196.53 cr Profit of INR 12.54 cr Profit of INR 81.85 cr
    Niva Bupa Health Insurance Company Financials
    Niva Bupa Health Insurance Company Financials

    Niva Bupa Health Insurance Company – Advertisements and Social Media Campaigns

    Max Bupa Unveils Rebranded Identity with New Campaign

    "Zindagi Ko Claim Kar Le" Campaign
    “Zindagi Ko Claim Kar Le” Campaign

    Max Bupa, now rebranded as Niva Bupa, has launched its first campaign under its new identity titled “Zindagi Ko Claim Kar Le” (Claim Life), emphasizing its refreshed business philosophy and commitment to humanizing health insurance. The campaign introduces the concept of ‘one family, one health insurance’, highlighting Niva Bupa’s flagship product, Heartbeat Family First, which uniquely offers coverage for up to five generations under a single policy—a first in India.

    Sevantika Bhandari, Director of Marketing at Niva Bupa, explained, “Our new campaign is based on the insight that families’ health is a key priority for people across India. We want to tell our customers that with Niva Bupa, it is possible to have one health insurance for the entire family.”

    Conceptualized by Glue Creatives, the campaign underscores the brand’s focus on providing comprehensive, family-centric solutions and aligns with its mission to make health insurance more inclusive and accessible. Delivered through a 360-degree marketing approach, it spans traditional platforms such as TV, print, and radio, while also leveraging digital channels to connect with modern audiences.

    This campaign not only marks Niva Bupa’s rebranding journey but also reinforces its position as a trusted name in the health insurance sector, committed to safeguarding the health of Indian families with innovative and inclusive offerings.

    ‘Ye to Mujhe Bhi Chahiye’ campaign

    ‘Ye to Mujhe Bhi Chahiye’ campaign
    ‘Ye to Mujhe Bhi Chahiye’ campaign

    Niva Bupa Health Insurance launched an innovative campaign titled ‘Ye to Mujhe Bhi Chahiye’, designed to engage both current and prospective policyholders. The campaign tackled a significant challenge many face when considering health insurance—the concern over unclaimed premiums going to waste.

    To address this, Niva Bupa introduced its ‘Reassured 2.0’ plan, which offers a game-changing feature: the option to carry forward unused premiums. This means that if policyholders don’t make any claims, they can still utilize their premiums in future policy years, ensuring that their money doesn’t go to waste.

    The campaign featured three creative ad films, each focusing on how the ‘carry forward’ benefit works, making it clear that health insurance with Niva Bupa offers more value and flexibility for customers. By highlighting this unique feature, Niva Bupa aimed to change the way people perceive health insurance, promoting it as a long-term, beneficial investment.

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    Niva Bupa Health Insurance Company – Awards and Achievements

    • Best Standalone Health Insurer: Won at the Mint BFSI Summit and Awards in 2023.
    • Healthcare Insurance Company of the Year: Awarded by the Internet and Mobile Association of India (IAMAI).
    • Great Place to Work Certification: Achieved for the fourth consecutive year in 2023.
    • Top 25 India’s Best Workplaces in BFSI: Recognized in 2024.
    • CX Strategy of the Year: Awarded at the 14th edition of the CX Strategy Summit & Awards in 2023.
    • ESG 2023: Won the Golden Peacock Award for excellence in Environmental, Social and Governance practices.
    • Swift & Prompt Insurer: Recognized at the Annual Insurance Summit & Awards.
    • The Economic Times Best Brands 2019: Awarded by The Economic Times and Nielsen.
    • Product of the Year: For GoActive Health Insurance Plan (Awarded by Nielsen in 2018).
    • Golden Peacock Award 2015: For Heartbeat Health Insurance Plan.
    • IT Management Best Practices: Awarded at the Celent Model Insurer Asia Awards in 2016.
    • Best Product Innovation Award: Awarded for innovation in insurance products.

    Niva Bupa Health Insurance Company – Competitors

    Niva Bupa faces strong competition from several industry leaders and emerging players such as Insurance Padosi and Bridge Health. The list goes on:

    1. Star Health and Allied Insurance
    2. Care Health Insurance
    3. SEB
    4. Apollo Munich Health Insurance
    5. Max Bupa Insurance
    6. Mom’s Belief Care

    Niva Bupa Health Insurance Company – Future Plans

    Regional Expansion:

    • Niva Bupa is on track to expand its presence across 600 cities by the end of FY 23-24, enhancing accessibility to its health insurance services.

    Hospital Network Growth:

    • The company plans to increase its hospital network from 7,600 to 10,000 by the end of FY 23-24, offering customers a wider choice of cashless medical facilities.

    Bancassurance Partnerships:

    • Niva Bupa is set to increase its bancassurance partnerships to 15, aiming to lead the sector with the highest number of partnerships.

    Coverage Expansion:

    • The insurer targets covering 10 million lives by the close of FY 23-24, solidifying its position as a leading player in the health insurance space.

    Gross Written Premium (GWP):

    • Niva Bupa is aiming for a GWP milestone of INR 5,000 crore by the end of FY 23-24, reflecting its strong growth trajectory.

    IPO Plans:

    • To capitalize on India’s growing health insurance market, Niva Bupa plans to raise ₹2,200 crore through its IPO.
      • ₹800 crore will come from a fresh issue of shares to augment its capital base.
      • ₹1,400 crore will be raised via an offer for sale by promoters.
      • Anchor investors have already committed INR 990 crore, underscoring investor confidence.

    Post-IPO Stake Adjustments:

    • Bupa Singapore Holdings’ stake will decrease from 62.2% to 56%.
    • True North, a private equity firm, will reduce its stake from 26.8% to 17.5%.

    These initiatives highlight Niva Bupa’s commitment to scaling its operations and reinforcing its market presence.

    FAQ

    Who is Niva Bupa owned by?

    Niva Bupa Health Insurance Company Ltd. (formerly known as Max Bupa Health Insurance Company Limited) is a joint venture between the Bupa Group and Fettle Tone LLP.

    When was Niva Bupa founded?

    Niva Bupa was founded in 2008, making it 16 years old as of 2024.

    Who is the CEO of Niva Bupa Health Insurance Company?

    The CEO of Niva Bupa Health Insurance Company is Krishnan Ramachandran.

  • Cred Enters the Insurance Market Through the Garage Network

    Cred, a fintech unicorn that formerly focused on lending and payments, has now expanded into the distribution of insurance goods, starting with auto insurance.

    According to Akshay Aedula, head of product and growth at Cred, the company is using its vehicle management platform, Cred Garage, to market insurance products to its users. Depending on the users’ credit scores, Cred offers extra discounts to make the product more appealing.

    What is Garage?

    Cred customers can monitor their car expenses, outstanding traffic “challans,” and the dates of their insurance and pollution renewals on the Garage portal. In the event of a roadside breakdown, they can also receive assistance. Cred hopes to make money from the programme by collecting commissions from insurance companies, even though car management is free.

    There are almost 7 million registered cars on the platform, and there are 4.4 million users—some of whom have more than one car registered in their name. Last September, the platform was launched. Approximately 11 million of Cred’s 13 million monthly users engage in active transactions.

    According to Aedulia, Cred’s fundamental belief is to reward good conduct, which is why it has collaborated with three insurance providers to develop an insurance product that gives clients with high credit ratings extra savings on their premiums.

    Working With Three Insurance Companies

    To provide these products to its clients, the company, which holds a corporate agency licence from the Insurance Regulatory and Development Authority (IRDAI), has collaborated with Zurich Kotak General Insurance, Go Digit General Insurance, and ICICI Lombard. A corporate agency is an insurance distributor that has the capacity to collaborate with nine insurance companies. An entity will require the insurance broking licence in order to engage with more.

    According to Aedulia, Cred is expanding this cooperation and is collaborating with a few additional insurance providers. As of right now, the IRDAI has approved the company’s product. Cred’s entry into the insurance market rounds out its range of financial services operations, which began with credit card bill payment and progressed to wealth management, credit, and the Unified Payments Interface (UPI). According to a recent statement from the corporation, payments, credit, and insurance account for 90% of its total revenue.

    In addition to having an internal, non-banking finance company called Newtap Finance, Cred has a significant distribution role in personal financing. In February 2024, Cred bought Kuvera for its money management service. Through Garage, Cred has now established its own insurance distribution company.

    In FY24, the company reported total sales of INR 2,473 crore, a 66% increase over FY15. With its employee stock ownership plans included, its net loss came to INR 1,644 crore, a 22% increase from the previous year. According to Tracxn data, the firm has raised $866 million and was last valued at approximately $6.2 billion in 2022.

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  • For Excessive Spending, Go Digit Receives a Show-Cause Notice from IRDAI

    On 24 October, Go Digit General Insurance announced that the Insurance Regulatory and Development Authority of India (IRDAI) had sent it a show-cause notice because its expenses for the six months ended September 2024 were higher than allowed.

    According to Go Digit’s Q2FY25 financial results notes, the company’s insurance-related expenses for the six months ending September 30, 2024, exceeded the IRDAI (Expenses of Management, including Commission of Insurers) Regulations, 2024 restrictions. The insurer further stated that it has requested forbearance for three years starting on April 1, 2023, as allowed under the regulations. IRDAI is presently reviewing the application.

    Who is IRDAI?

    The Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999) established the Insurance Regulatory and Development Authority of India (IRDAI), a legislative agency tasked with overseeing and developing the insurance industry in India. 

    The Insurance Act of 1938 and the IRDA Act of 1999 both specify the Authority’s duties and authority. The main law regulating the insurance industry in India is the Insurance Act of 1938. It gives IRDAI the authority to create regulations that establish the framework for oversight of the organisations involved in the insurance industry. The duties, powers, and functions of the Authority are outlined in Section 14 of the IRDA Act of 1999.

    Protection of policyholders’ interests, rapid and orderly expansion of the insurance sector, prompt resolution of legitimate claims, an efficient grievance redressal system, encouraging equity, openness, and orderly behaviour in insurance-related financial markets, and prudential regulation while maintaining the insurance market’s financial stability are among the main goals of the IRDAI. 

    Go Digit’s Recent Financial Report Card

    In Q2 FY25, premiums for the motor insurance market, which continues to be the biggest contributor to Go Digit‘s overall business, totalled INR 1,354.21 crore, up 10.22% from INR 1,228.65 crore in Q2 FY24. Nonetheless, the motor segment’s underwriting losses increased 17.71% year over year to INR 245.11 crore during the quarter. Relatively smaller markets including fire, marine, health, and crop insurance accounted for the majority of Go Digit’s earnings. After losing INR 32.08 crore during the same period last year, corporate group health insurance turned a profit of INR 24.3 crore during the current quarter.

    The business did point out that the financial results for the quarter-in-record (QIR) are not necessarily representative of the predicted success for the entire year due to the industry’s seasonality. Crop insurance, meanwhile, made INR 13.18 crore in Q2 FY25 compared to INR 2.46 crore in the same period last year.

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  • Soon, ONDC Will Offer Insurance and Mutual Funds

    Next two months, the open-source aggregator platform known as the Open Network for Digital Commerce (ONDC) will be launching insurance and mutual fund products. They will also be partnering with MasterCard for credit card processing.

    Customers with and without salaries will be able to get unsecured credit through ONDC’s six-minute digital loans.

    According to T Koshy, CEO of ONDC, “We have deployed a Marine app, one insurer and two more are coming.” “Even with health insurance, we’re in the game, but our partner isn’t licensed. The vehicle insurance is expected to be finalised within the following month. Plus, MF is scheduled to launch next month. We aim to complete 100-200 transactions before anything else,” he added further.

    Although a debut date has not been announced, the aggregator platform is also planning to add credit card functionality to its existing range of services.

    Loan in 6 Minutes

    Accessible in as little as six minutes, ONDC’s new digital and paperless loans were launched on Thursday. Three lenders and nine buyer apps (often called LSPs) are part of the new offering.

    Zyapaar, Indipe, Paynearby, Easypay, Paisabazaar, Tata Digital, Invoicepe, Cliniq360, and Indipe are among the buyer applications. Karnataka Bank, Aditya Birla Finance, and DMI Finance are among the lenders.

    Economic Survey 2024

    Since its launch in 2022, the number of transactions on the ONDC has soared above 68 million, according to the Economic Survey 2024. The number of transactions increased by 12% month-on-month to 9.95 million as of June 2024. According to Koshy, 12 million transactions were processed by ONDC in July.

    To further emphasise that the ONDC network democratises access for all merchants and “prevents market concentration,” Koshy chimed in. He went on to say that the network ensures that every customer can receive the lowest price on any product or service.

    According to Koshy, small businesses eventually go out of business because platforms favour big suppliers and customers. This phenomenon is known as the network effect.

    About ONDC

    Open Network for Digital Commerce (ONDC), a Section 8 company, was established on the 31st of December 2021. It is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), which is part of the Ministry of Commerce and Industry of the Government of India. The objective of this initiative is to develop a facilitative model that revolutionises digital commerce and increase the penetration of retail eCommerce in India.

    A step towards the democratisation of digital commerce, ONDC symbolises a shift away from a platform-centric model, in which a small number of eCommerce companies control the industry, and towards an open, interoperable platform in which buyers and sellers can connect regardless of the platforms they are using. It is intended to move eCommerce away from walled gardens, which are ecosystems that are closed, compartmentalised, and highly stratified, and towards an environment that is more accessible and encourages competition, inclusivity, and innovation for businesses.

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