General Atlantic-backed digital insurance provider Acko, on Wednesday said that it has acquired digital chronic care management company OneCare, as the company looks to create a comprehensive healthcare ecosystem.
The company didn’t disclose the financial details of the transaction.
The acquisition is a strategic move to re-emphasise Acko's broader vision of being a comprehensive healthcare provider to its customers, going beyond the insurance services, it said in a release.
The transaction will see OneCare founders Rakesh Shivran and Sagar Bhat joining the leadership team of Acko.
To be sure, OneCare operates an omnichannel care platform that includes smart wearables, data-driven insights, and the accessibility of both physical clinics and virtual care teams. It was backed by a clutch of angel investors including Kunah Shah (Cred), Shashank ND (Practo), Saikiran Krishnamurthy (xto10x), Ankit Bhati (Ola), Zishaan Hayath (Toppr), Farooq Adam (Fynd) and Anand Shah (Ola Electric).
"We have acquired OneCare whose core business values share our common goals to alleviate customer pain points,” said Varun Dua, founder and chief executive officer (CEO) of ACKO
“Integrating OneCare’s capabilities will help us weave cutting-edge clinical care directly into our customers' insurance experiences, ensuring they receive the best possible care,” Dua added.
The acquisition will be a key component of Acko’s strategy to build a healthcare ecosystem that addresses all aspects of a customer's health insurance needs, from protection to prevention to care and recovery.
"Acko's vision aligns perfectly with our goals. We see a tremendous opportunity to scale our impact and to transform the way care gets delivered to millions across the country,” said Shivran and Bhat, co-founders of OneCare.
Founded in 2016 by Varun Dua, Acko provides insurance across multiple categories, including health and motor. It has partnerships with PhonePe and MyGate to directly offer comprehensive car, bike and health insurance products to consumers on their platforms.
It also retails embedded insurance products like mobility and gadget insurance in partnership with over 50 leading companies such as Oyo, redBus, Zomato, HDB Financial Services and Urban Company.
