Indian digital insurer Acko Technology & Services Pvt. has invited pitches from investment banks for a potential initial public offering to raise as much as $350 million, according to people familiar with the matter.
The IPO, which may include a mix of primary shares and secondary sales by existing investors, is likely to be launched in the second half of the year, the people said, asking not to be identified because the information is private.
Acko is expected to appoint advisers in the coming weeks, they said. Deliberations are ongoing and the terms of the potential offering could still change.
A representative for the company didn’t immediately respond to a request for comment.
Acko, which has General Atlantic Service Co., Canada Pension Plan Investment Board and Accel Capital among its backers, provides online insurance for car, health and travel with features like zero paperwork, instant renewals, same-day claim settlements, according to its website.
The planned IPO will add to a growing list of offerings in India as companies rush to raise funds in a market that’s seeing surging inflows from mutual funds.
India ranked among the world’s busiest IPO markets in 2025, with companies raising about 1.95 trillion rupees ($21.6 billion), exceeding the previous year’s record of 1.73 trillion rupees, data compiled by Bloomberg show.
“Either patents remain the domain of a few frontrunners, or they become merely a signal of broader competitive intent,” Mousavizadeh said. “As generative and agentic AI reshape the value chain, insurers will need to decide whether to build IP defensively or lead from the front.”
Mousavizadeh added that while the volume of filings remains modest compared to banking, “we’re seeing a sharp uptick in generative and agentic capabilities,” and the IP landscape is shifting from protecting past systems to enabling future ones.
In follow-up correspondence, a PR representative shared that Evident’s research has found insurers focus on claims and underwriting AI patents, and that customer service and risk modelling and pricing account for the second and third largest patent activity, respectively.
Insurer customer service patents are increasingly focused on generative AI, while risk modelling and pricing continue to be anchored to traditional machine learning.
Overall, P/C insurers hold 89% of all insurer AI patents since 2014. Evident reported that this reflects the companies’ structural advantage when filing AI-related IP.
“Their innovations often involve telematics, IoT-driven risk monitoring and other sensor-based systems, which more easily meet the ‘technical contribution’ threshold required for patent eligibility in both the U.S. and Europe,” the press release said.