CCI approves General Atlantic's acquisition of additional stake in Acko Tech

The Competition Commission of India (CCI) has approved the acquisition of additional shareholding in Acko Technology & Services Pvt Ltd by US-based General Atlantic.

The proposed combination involves the acquisition of additional shares in the insurtech company on a fully diluted basis, crossing the threshold of 25% pursuant to Acko Tech's rights issue, the regulator said in a release.

Private equity firm General Atlantic is acquiring additional shares in Acko Tech through its affiliate General Atlantic Singapore ACK Pte Ltd.

General Atlantic Singapore ACK Pte Ltd is an investment holding company incorporated in Singapore and is affiliated with General Atlantic investment funds that provide capital and strategic support to businesses across sectors, including technology, healthcare and life sciences, infrastructure and real estate, financial services, consumer, and climate and sustainable infrastructure.

Acko Technology & Services is an India-incorporated insurtech company with three wholly owned subsidiaries -- Assurelink, Acko General Insurance and Acko Life Insurance.

Acko General Insurance and Acko Life Insurance are licensed to provide general (non-life) and life insurance services, respectively.

Assurelink is awaiting a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI) to undertake insurance policy distribution in the country, the CCI said.

Acko Technology & Services also has investments in other entities.

"CCI approves acquisition of additional shareholding of Acko Technology & Services Private Limited by General Atlantic Singapore ACK Pte Ltd, (crossing 25 per cent), pursuant to Acko Tech’s Rights Issue," the regulator said in a post on X.

Deals beyond a certain threshold require approval from the regulator, which keeps a watch on unfair business practices as well as promotes fair competition in the marketplace.