Acko General Insurance Ltd has appointed investment banks for an initial public offering in India that could value the startup at up to $2 billion, according to three people familiar with the matter.
The Bengaluru-based company has selected ICICI Securities Ltd, Kotak Mahindra Capital Co, and the India unit of Morgan Stanley to manage the share sale, one of the persons said, asking not to be identified because the information is not yet public.
Mint had reported on 14 December 2025 that the General Atlantic- and Multiples-backed insurtech firm was that could raise $300–400 million.
The offering is expected to include a mix of a fresh issue of shares and an offer for sale by existing investors, the second person confirmed.
Mint has reached out to Acko, ICICI Securities, Kotak Mahindra Capital Co, and Morgan Stanley India for comment.
Confidential route
Acko intends to file its draft prospectus through the confidential pre-filing route before the end of this calendar year, the third person said.
Under regulations introduced by the Securities and Exchange Board of India, the confidential filing mechanism allows companies to undergo regulatory review without immediately disclosing detailed financials and business strategies. It also gives issuers the flexibility to withdraw the offering without public disclosure if market conditions deteriorate.
Financial trajectory
The IPO push comes as Acko reports improving financial metrics.
For the fiscal year ended March 2025, the company posted revenue of ₹2,837 crore, up 35% year-on-year. Consolidated net loss narrowed to ₹424 crore from ₹667 crore in the previous year.
Last week, —about 5% of its workforce—as it accelerated artificial intelligence integration across operations, Mint reported on 19 April. The job cuts coincided with the departure of chief marketing officer Ashish Mishra, who had been with the firm since August 2020.
Founded in 2016 by Varun Dua, Acko sells motor, health and life insurance products through a direct-to-consumer model, bypassing traditional agents to reduce distribution costs.
Its investor base includes Accel, Amazon Inc, General Atlantic, and Multiples Private Equity. The company last raised funds in 2021 at a valuation of $1.1 billion.
Acko competes with legacy insurers such as Tata AIG and Bajaj Allianz, as well as digital-first players including Go Digit Insurance, InsuranceDekho, CarDekho, Spinny and PolicyBazaar.