Acko Technology & Services Pvt.'s revenue rose 32% in the last financial year, even as the online insurance startup's loss surged.
The company's revenue from operations was Rs 1,758.6 crore in the full year ended March 2023, compared to Rs 1,334.4 crore in fiscal 2022, according to financial statements sourced by data intelligence platform PrivateCircle Research.
The Bengaluru-based company reported a loss of Rs 738.5 crore in fiscal 2023, compared with Rs 482.3 crore in 2021–22.
Founded in 2016, Acko operates as an independent general insurance company, offering its services through a digital platform. It provides personalised general and auto insurance products on its platform based on user behaviour through its subsidiaries, Acko General Insurance Ltd. and Acko Life Insurance Ltd.
The startup, which turned unicorn in October 2021, is backed by Amazon Inc., General Atlantic, the Canada Pension Plan Investment Board, Lightspeed, and others.
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