Acko, an Indian insurtech unicorn backed by General Atlantic, has acquired care management company OneCare in an all-cash transaction, reported Moneycontrol.
This move is aimed at broadening Acko’s healthcare services, bolstering its position in the health insurance sector.
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Financial details of the deal remain undisclosed.
With this move, Acko aims to create a comprehensive healthcare ecosystem that addresses various aspects of health insurance, including protection, prevention, care and recovery.
This follows Acko’s entry into the retail health insurance market in March 2023 and its acquisition of Parentlane, a digital health platform focusing on maternity and child health.
OneCare, based in Bengaluru and supported by Better Capital and QED Innovation Labs, specialises in digital chronic care management.
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By GlobalDataThe start-up offers advanced wearables, data-driven insights and an omnichannel approach that combines physical clinics with virtual care teams.
OneCare co-founders Rakesh Shivran and Sagar Bhat will integrate into Acko’s leadership team.
Acko founder and CEO Varun Dua was reported as saying: “We are constantly redefining the healthcare landscape for our customers at Acko. We have acquired OneCare whose core business values emphasise a customer-first approach and comprehensive care, sharing our common goals to alleviate customer pain points.
“Integrating OneCare’s capabilities will help us weave cutting-edge clinical care directly into our customers’ insurance experiences, ensuring they receive the best possible care.”
Shivran and Bhat added: “Acko’s vision aligns perfectly with our goals. We see a tremendous opportunity to scale our impact and to transform the way care gets delivered to millions across the country.”
Since launching its group health insurance product two years ago, Acko is said to have onboarded more than 200 new-age companies, including clients such as Swiggy, Razorpay and Cred, covering more than 800,000 clients.
Established in 2016, Acko operates a direct-to-consumer model, offering various insurance products.
To date, the company has raised approximately $460m (Rs38.54bn) from investors including General Atlantic, Accel, Elevation Capital and FPGA family foundation.
