Acko revenue crosses Rs 1,750 Cr in FY23, losses surge 53%


New-age insurance firm Acko witnessed an increase in its overall scale during FY23, but the rate at which it grew was relatively slower than that of FY22 when Acko grew 2.3X, fueled by a massive $225 million funding in October 2021 that helped the firm join the unicorn club. 

Acko’s revenue from operations increased 31.9% to Rs 1,759 crore in FY23 from Rs 1,334 crore in FY22, according to its consolidated annual financial statement filed with the Registrar of Companies. 

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

Being a digital insurance provider, collections from premium received formed 67.4% of the total operating revenue which surged by 43.5% to Rs 1,185 crore in FY23. Income from service contracts and recoveries from reinsurers are some other sources of income. Check TheKredible to decode Acko’s revenue breakup.

The company also made Rs 38 crore from interest and gain on the sale of current investments during the previous fiscal year.

On the cost side, claims paid to the customers were the largest cost center and accounted for 31.6% of the overall expenditure. This cost surged 67.2% to Rs 801 crore in FY23. 

Its employee benefit, the premium on reinsurance ceded, outstanding claims, advertising promotional expenses, and information technology expenses pushed the overall cost 38.1% to Rs 2,525 crore in FY23 from Rs 1,835 crore in FY22. Head to TheKredible for the detailed expense breakup.

Expense Breakdown

Total ₹ 1835 Cr
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Total ₹ 2535 Cr
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  • Employee benefit expense
  • Information technology expenses
  • Advertising promotional expenses
  • Claims Paid
  • Premium on reinsurance ceded
  • Outstanding Clamis
  • Others

With total expenses outpacing the revenue growth, Acko’s losses surged 53.1% to Rs 738 crore in FY23 from Rs 482 crore in FY22. Notably, Acko’s total outstanding losses stood at Rs 2,717 crore till 31st March 2023. Its ROCE and EBITDA margins registered at -73.4% and -40.5%, respectively, in FY23. On a unit level, it spent Rs 1.44 to earn a rupee of operating revenue.


FY22 FY23
EBITDA Margin -34.50% -40.51%
Expense/₹ of Op Revenue ₹1.38 ₹1.44
Roce -57.08% -73.41%

Acko has raised around $450-460 million to date. General Atlantic is the major external stakeholder with 10.7% followed by Accel, Elevation Capital, FPGA family foundation, and others. Check TheKredible to see the complete shareholding pattern of Acko.

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