Digital insurer Acko has crossed a major milestone in FY24, achieving an impressive Rs 2,106.25 crore in operational revenue, representing a 19.76% surge from Rs 1,758.64 crore in FY23. The Bengaluru-based company’s consistent growth is reflected not only in its revenue boost but also in its efforts to narrow its losses. Acko reported a reduced total loss of Rs 669.98 crore for FY24, a notable improvement of 9.28% compared to Rs 738.55 crore in FY23, according to consolidated financial reports filed with the Registrar of Companies.
The largest share of Acko’s expenses, categorized as ‘other expenses,’ reached Rs 2,455.77 crore, marking a 12.85% increase from Rs 2,176.11 crore in the previous fiscal year. A standout figure in the company’s financials was the substantial rise in commissions paid to external selling agents, which skyrocketed by a staggering 512.31% to Rs 210.33 crore, compared to just Rs 34.35 crore in FY23.
Acko’s strong revenue growth, coupled with strategic cost management, showcases its expanding footprint in the digital insurance sector, positioning the company for further success in the coming years.