Varun Dua is the founder and CEO of ACKO General Insurance, one of India’s hottest Insurtech startups.
ACKO aims to make buying insurance EASY and HASSLE-FREE for customers using technology.
In just over 7 years, Varun Dua has built ACKO into a $1 billion company with millions of customers across India.
This fast growth has made ACKO one of India’s youngest “unicorns” and turned Varun Dua into one of India’s most successful entrepreneurs.
But what is Varun Dua net worth in 2024? Let’s take a closer look.
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The Early Days that Built Varun Dua Net Worth: From Trainee to InsurTech Founder
Varun Dua has over 10+ years of experience working in the insurance industry.
He started his career in 2002 as a trainee at the advertising agency Leo Burnett. Later, he worked at major insurance companies like Tata AIG and Franklin Templeton Investments.
In 2010, Dua started his first company called GlitterBug Technologies. It helps to build Web apps and assist online Insurance sales.
Brands like ICICI Prudential, HDFC Life, and Aviva used GlitterBug’s products to enable and improve their online portfolio.
In 2013, Dua founded Coverfox, one of India’s first online insurance marketplaces.
Coverfox allows people to compare, buy and manage different insurance products digitally, without any paperwork.
Within 3 years, Coverfox had become a top insurance platform in India. But Dua wanted to do more.
While running Coverfox, Dua realized there were many gaps in how insurance worked in India. Policies were complicated, claims processes were slow and tedious. Customers were rarely put first.
Dua aimed to fix this by building an insurance company from scratch focused on customers.
In 2016, he founded ACKO General Insurance with co-founder Ruchi Deepak as a digital-first insurance provider.It operates the website ACKO.com which allows customers to purchase car, motor, health, and electronics insurance products directly without involving traditional insurance agents.
The Growth of ACKO
Indian Insurtech startup ACKO became India’s 34th unicorn in October 2021 after raising $255 million in a Series D funding round led by General Atlantic and Multiples PE.
The funding valued ACKO at $1.1 billion. Existing investors like CPPIB, Lightspeed Growth, Intact Ventures, and Munich Re Ventures also participated.
Some of ACKO’s early investors include Amazon India, Accel, Elevation Capital, Ascent Capital, Flipkart co-founder Binny Bansal, Infosys co-founders N.R. Narayana Murthy and Kris Gopalakrishnan. This diverse group of backers highlights the faith investors have in ACKO’s digital insurance model.
In FY 2022, ACKO more than doubled its revenue to ₹1,087.5 crore from ₹475.3 crore the previous year, driven mostly by health insurance sales.
However, losses also jumped from ₹132.5 crore to ₹382 crore over the same period as the company sacrificed profits for growth.
Varun Dua Joins Shark Tank India Season 3 as a New Investor
Varun Dua, founder and CEO of insurance technology company ACKO, has joined the investor panel for the latest season of Sony Liv’s Shark Tank India.
He is one of the prominent new “sharks” in Season 3, which is currently underway.
Dua joins returning sharks from previous seasons, including Anupam Mittal, Aman Gupta, Namita Thapar, and Vineeta Singh on the investor panel.
As a shark, Dua has been making investments in unique products and innovations pitched by contestants so far this season.
His experience founding and leading ACKO brings a fresh fintech perspective to the shark lineup.
Dua’s addition to the ongoing Season 3 of Shark Tank India provides a new angle for insurance and tech startups looking to gain the sharks’ investment.
Along with the other investors, he has been assessing and funding innovative Indian startups on the popular reality show.
Varun Dua’s Net Worth and Investments
As the founder and CEO of ACKO General Insurance, Varun Dua has emerged as one of India’s most successful Insurtech entrepreneurs.
While his exact net worth is undisclosed, Dua has not only led ACKO to success but has also actively invested in fintech and consumer startups, contributing to his financial portfolio.
He has invested in 7 rounds so far, with his most recent being Vaaree’s seed funding in August 2022.
Some of Dua’s other notable startup investments include Dezerv, Kuvera, BNC, and Infinyte.club. The majority of his deals have been in Indian companies, especially fintech innovators.
So Dua’s wealth comes not only from his ownership in ACKO but also his savvy investments in other firms.
Explore FAQs on Varun Dua’s journey, from GlitterBug Technologies to founding ACKO, backed by Amazon.
GlitterBug Technologies, founded in 2010 was the first startup of Varun Dua.
Varun Dua is the CEO of ACKO General Insurance. ACKO is India’s first digital insurer and is known for its innovative insurance products.
Amazon is not the owner of ACKO General Insurance. However, Amazon has been a major investor in ACKO since 2018.
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Final Thoughts about Varun Dua Net Worth
In closing, Varun Dua’s journey highlights how visionary entrepreneurs can transform entire industries through technology.
His digital-first insurance models have made purchasing and claiming insurance simpler for millions of customers.
Varun Dua has shown that Insurtech can expand access while putting the customer first.
Though his net worth is unclear, his biggest wealth may be the impact he has created. As Dua continues to innovate with ACKO and invest in other startups, he remains a pivotal leader in India’s booming Insurtech space.
His example will inspire future generations of entrepreneurs to find tech-powered solutions to complex problems.
Dua has only just begun to make his mark on the insurance ecosystem.