General Atlantic-backed insurtech firm Acko has acquired digital chronic care management firm OneCare for an undisclosed amount, according to media reports.
The acquisition, an all-cash transaction, is a key component of Acko's strategy to build a comprehensive healthcare ecosystem addressing various aspects of a customer's health insurance needs, from protection to prevention, care, and recovery.
The insurtech unicorn had entered the retail health insurance segment in March 2023. Last year, the firm acquired the digital health platform Parentlane, which operates in the maternity and child health space, according to media reports.
Media reports indicate that the acquisition of OneCare will help Acko integrate cutting-edge clinical care directly into its customers' insurance experiences, ensuring they receive the best possible care.
OneCare, backed by Better Capital and QED Innovation Labs, provides advanced wearables, data-driven insights, and follows an omnichannel approach with both physical clinics and virtual care teams, according to media reports. Co-founders Rakesh Shivran and Sagar Bhat will join the leadership team of the insurtech firm.
Founded in 2016 by Varun Dua, Acko follows a direct-to-consumer model in offering insurance products and has raised around USD 450-460 million to date from investors such as General Atlantic, Accel, Elevation Capital, and the FPGA Family Foundation.
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