Insurtech startup Acko has made a strategic move to strengthen its position in the healthcare sector by acquiring Bengaluru-based digital chronic care management firm OneCare. The all-cash deal, whose financial terms remain undisclosed, marks a significant step forward for Acko’s vision of providing a comprehensive healthcare ecosystem.
Expanding Healthcare Footprint
Acko, which entered the retail health insurance market in 2023, aims to create a holistic healthcare experience for its customers. By integrating OneCare’s expertise in chronic care management, Acko seeks to offer a wider range of health services, from insurance coverage to preventive care and recovery support.
Varun Dua, Founder and CEO of Acko, expressed his enthusiasm for the acquisition, emphasizing the shared commitment of both companies to improving customer experiences. He believes that combining Acko’s insurance offerings with OneCare’s clinical care capabilities will lead to enhanced health outcomes for customers.
OneCare Brings Expertise to Acko
Rakesh Shivran and Sagar Bhat, the co-founders of OneCare, will join Acko’s leadership team, bringing their extensive experience in building large-scale health-tech solutions. OneCare’s omnichannel approach, which combines wearables, data analytics, physical clinics, and virtual care, aligns with Acko’s goal of providing comprehensive healthcare services.
Acko’s Growth Trajectory
Founded in 2016, Acko has rapidly expanded its presence in the insurance market through a direct-to-consumer model. The company initially focused on auto insurance but has diversified its offerings to include health insurance and other products. Acko has partnered with numerous platforms and boasts a customer base of over 78 million.
While Acko has achieved significant growth in terms of revenue, the company has also reported increasing losses. The acquisition of OneCare is expected to contribute to Acko’s overall strategy of expanding its healthcare services and potentially improving its financial performance by attracting a wider customer base.
The Future of Healthcare
The partnership between Acko and OneCare signifies a growing trend in the healthcare industry, where technology-driven solutions are being leveraged to improve patient care and outcomes. As insurtech companies continue to innovate and expand their offerings, customers can expect to benefit from more integrated and personalized healthcare experiences.
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