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(Bloomberg) — Acko Technology & Services Pvt., an Indian digital insurer backed by General Atlantic, has hired investment banks for a potential initial public offering that could raise as much as $350 million, according to people familiar with the matter.
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The company has engaged Kotak Mahindra Capital Co., ICICI Securities Ltd. and Morgan Stanley as advisers, and is seeking a valuation of as much as $2.5 billion, the people said, asking not to be identified because the information is private.
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The IPO, which may include a mix of existing and new shares, is likely to be launched in the second half of the year, the people said. Deliberations are ongoing and details of the offering such as the size and timing could change.
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Representatives for Acko and the banks didn’t immediately respond to requests for comment.
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India’s IPO market has had a subdued start to 2026 after two consecutive years of record fundraising. Equity markets have come under pressure from geopolitical tensions, slowing earnings growth and uneven foreign inflows. Still, several companies preparing for the IPOs so that they can launch it once market conditions stabilize.
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Founded by Varun Dua, Acko received its insurance license in late 2017 and began operations the following year. The company has raised more than $583 million from investors including General Atlantic, Multiples PE, Accel, Elevation Capital and Canada Pension Plan Investment Board.
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Unlike incumbents such as ICICI Lombard and newer peers like Digit, which also rely on agents and intermediaries, Acko sells directly to consumers, cutting a distribution layer that has historically driven a large share of industry costs.
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