Oct 14: Acko reported a 19.8% jump in revenues, reaching Rs 2,106 crore in FY24, compared to Rs 1,758 crore in FY23, according to data from the Registrar of Companies.

The majority of Acko’s income, 73.35%, came from gross premiums, which grew by 33.9% to Rs 1,587 crore last year. Other revenue sources, including service contracts, reinsurer recoveries, commissions, and investment income, contributed to a total revenue of Rs 2,160 crore in FY24, up from Rs 1,797 crore the previous year, Entrackr reported.

Overall expenditures rose to Rs 2,830 crore from Rs 2,535 crore in FY23, driven by employee benefits, commissions, reinsurance premiums, and IT costs.

Acko's ability to manage costs in areas like employee benefits and claims paid helped reduce its losses by 9.3% to Rs 670 crore in FY24, down from Rs Rs 738.5 crore the year before. 

Acko has raised over $458 million to date, including a $255 million round led by General Atlantic in October 2021. General Atlantic holds the largest external stake at 10.7%, followed by Accel Partners and Elevation Capital.