Acko bought chronic-care platform OneCare to weave clinical care into insurance

Acko is an Indian insurtech unicorn selling vehicle, health and travel insurance; OneCare is a digital chronic care management company.

All-cash deal, amount undisclosed. Acko had raised over $450M in total; OneCare was founded in 2021.

Acko, founded in 2016 by Varun Dua, sold digital-first vehicle, health and travel insurance and had begun moving into services — recently launching Acko Drive Service Centre for car repair. OneCare, founded in 2021, built an omnichannel care model combining wearables, data insights, physical clinics and virtual care teams.

Acko acquired OneCare in an all-cash deal, with cofounders Rakesh Shivran and Sagar Bhat joining Acko's leadership team. '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', Dua said. The move came as India's insurtech market was projected to grow from $8.63B in 2024 to $32.47B by 2029, with PolicyBazaar and Digit also expanding their offerings.

OneCare's capabilities became a key component of Acko's healthcare-ecosystem strategy, addressing insurance needs 'from protection to prevention, care and recovery'. Acko's financials still ran hot: FY23 net loss of INR 738.5 Cr, up 53% year-on-year, on operating revenue of INR 1,758.6 Cr, up 32%.

Acko had already crossed into services with Acko Drive Service Centre; OneCare extends the same playbook from cars to health.

Chronic care generates the claims data and touchpoints that let an insurer intervene before costs land — but only if it owns the care layer.

The cofounders joining Acko's leadership signals absorption into the product, not a bolt-on brand.

The deal followed Acko's toughest financials yet — a 53% wider FY23 loss of INR 738.5 Cr — raising the stakes on diversification beyond underwriting.

Insurers that own care delivery change their incentive structure: paying for prevention only makes sense if the clinical capability sits inside the company that pays the claims.

As of July 24, 2024, OneCare operated inside Acko's healthcare-ecosystem build-out with its cofounders on the leadership team. Acko claimed more than 78 Mn unique customers and over 1 Bn policies distributed, while working to narrow losses that had grown 53% the previous fiscal year.