Private sector general insurance platform Acko on Friday acquired Parentlane, a digital health platform in the maternity & child health space, for an undisclosed sum. Vijay Anand, co-founder and chief executive of Parentlane, will join the Acko leadership team and spearhead strategic initiatives for the company as per the terms of the deal, the company said in a statement.
Acko, with this acquisition, aims to build a digital healthcare ecosystem focused on solving core problems in healthcare access for customers. The platform, combined with ACKO's core insurance offering, will deliver personalised content and services to enable better healthcare choices, informed decisions, and improved outcomes, the company added.
Varun Dua, Founder of ACKO, while speaking about the acquisition, said, "As both ACKO and Parentlane seek to address the problems in healthcare, there is total alignment in our respective philosophies. Parentlane… will play a significant role in helping us provide comprehensive healthcare service to our customers and expand beyond the core insurance offerings by partnering with the healthcare ecosystem.”
Acko, which is looking to raise $150 million, provides retail health insurance and motor and embedded insurance. The latest acquisition will be an add-on to its offerings, aligning with its strategy of building its healthcare product.
Bengaluru-based Parentlane, which was founded in 2015 by Anand and Neeraj Kumar Gupta, is a tech platform that offers healthcare solutions to new parents starting from preconception to the most critical early childhood development phase. The company partners with hospitals across the country to offer its services.
“As we offered comprehensive care to young couples during one of their most important life milestones, we discovered the value that insurance brings to customers and how it could potentially become the primary gateway for consumers to access healthcare services,” said Anand.
Parentlane claims to currently have over 2 million users consuming personalised content and healthcare services.
The insurer, which counts Amazon, Accel, Elevation, Canada Pension Plan Investment Board and Lightspeed among others as its backers, was valued at $1.1 billion post a $255 million fundraise. In the last financial year, it doubled its revenue to Rs 1,087.5 crore. However, its losses also doubled to Rs 382 crore during the same period.
