Acko, an insurance company, experienced notable growth in its overall scale during the fiscal year 2023 (FY23). However, this growth rate was somewhat slower compared to FY22, when Acko expanded by 2.3 times, backed by the substantial USD 225 million funding injection in October 2021, which propelled the company into the unicorn club.
The Bengaluru-based company reported a loss of Rs 738.5 crore in fiscal 2023, as compared to Rs 482.3 in FY21-22.
According to Acko’s consolidated annual financial statement filed with the Registrar of Companies, their revenue from operations in FY23 increased by 32 per cent, reaching Rs 1,759 crore, up from Rs 1,334 crore in FY22.
The majority of Acko’s operating revenue, 67.4 per cent, came from collections related to premiums received, which saw a substantial 43.5 per cent increase to Rs 1,185 crore in FY23.
Additionally, Acko generated income from service contracts and recoveries from reinsurers. Furthermore, the company also earned Rs 38 crore from interest and gains on the sale of current investments during the preceding fiscal year.
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