Insurtech start-up ACKO has announced its acquisition of digital health platform Parentlane, as part of its plan to expand its services beyond core insurance offerings. The acquisition will enable ACKO to offer a range of health and wellness services to its customers, as it seeks to tap into India’s rapidly growing healthtech market.
Parentlane is a Bengaluru-based start-up that provides personalized health and wellness advice to parents of young children through a mobile app. The platform uses artificial intelligence (AI) and machine learning (ML) algorithms to deliver personalized advice and recommendations to users, based on their child’s age, development stage, and health profile.
The acquisition is expected to enable ACKO to leverage Parentlane’s technology and expertise to launch a range of health and wellness products and services, such as telemedicine, health consultations, and preventive health check-ups. The move is also expected to enable ACKO to better compete with other healthtech players in the market, such as Practo and Cure.fit.
In a statement announcing the acquisition, ACKO founder and CEO Varun Dua said, “We are excited to welcome Parentlane to the ACKO family. This acquisition marks a significant milestone in our journey, as we expand our offerings beyond insurance and into the broader healthcare and wellness space.”
Dua added, “With Parentlane’s AI-powered platform, we will be able to offer our customers personalized and proactive health and wellness advice, helping them lead healthier and happier lives. We look forward to working with the talented team at Parentlane to build the next generation of healthcare solutions for our customers.”
Parentlane co-founder and CEO Vijay Anand also expressed his excitement about the acquisition, saying, “We are thrilled to join forces with ACKO and bring our AI-powered health and wellness platform to millions of ACKO customers. This partnership will enable us to scale our platform and reach a larger audience, while also expanding our offerings to include insurance and other financial products.”
The acquisition of Parentlane comes at a time when the Indian healthtech market is growing rapidly, driven by factors such as rising healthcare costs, increasing smartphone penetration, and the Covid-19 pandemic. According to a recent report by management consultancy firm KPMG, the Indian healthtech market is expected to grow to $11.1 billion by 2025, up from $1.2 billion in 2020.
In conclusion, ACKO’s acquisition of Parentlane is a strategic move that is expected to enable the insurtech start-up to expand its offerings beyond core insurance products, and tap into India’s rapidly growing healthtech market. With its AI-powered platform and personalized health and wellness advice, Parentlane is expected to play a key role in helping ACKO launch a range of innovative health and wellness products and services, and compete with other players in the market.
