ACKO CEO Varun Dua Biography And Success Story!
Varun Dua, the founder and CEO of Acko General Insurance, established his company in 2016, and within just 5 years, it achieved unicorn status. Despite his young age, Varun Dua initially lacked a concrete plan for his life. However, he eventually founded a unique company that flourished, leading him to become a shark in Shark Tank India In 2024. In this article, we delve into ACKO CEO Varun Dua Biography And Success Story, including his education, family, career, company, and more.
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Varun Dua’s Early Life and Family: ACKO CEO Varun Dua Biography And Success Story!
Varun Dua’s Father was a strict person:–
- Varun Dua, the CEO of Acko Technology & Services Pvt Limited, was born in 1981 in Delhi, India.
- His mother, Rashmi Dua, served as the principal of a government school, while his father, Chandra Mohan Dua, worked in a PSU government job.
- Varun has a younger brother, and they grew up in a middle-class family.
- When Varun was 2 years old, his family moved to Bandra, Mumbai, where he spent his childhood in New Bombay.
- Due to his parents’ busy work schedules, Varun took on the responsibility of caring for his younger brother, as both parents were occupied with their jobs.
- Varun describes his father as strict during his upbringing.
ACKO Company CEO Varun Dua Educational Qualification-
Varun Dua chose the college without his preference:-
- Varun Dua completed his education in New Bombay, Maharashtra.
- During his early school years, he excelled in academics, consistently ranking 1st, 2nd, or 3rd in his class.
- He pursued commerce as his field of study.
- Despite not intending to pursue it, Varun decided to take the CAT exam for admission to IIMs and IITs.
- Instead of CAT, he opted to join MICA, a digital marketing college.
- Varun’s decision to enrol in MICA was influenced by others’ recommendations rather than his preference.
- Although initially regarded as a diligent student, Varun became disinterested in academics during college.
- He started indulging in social activities like parties, smoking, drinking, and socializing with girls, expressing a lack of direction and purpose in his studies.
Varun Dua marriage: Varun Dua and Sapna Rana love Story-
- In 2012, Varun Dua entered into an arranged marriage with Sapna Rana.
- Sapna Rana works as a music acquisition professional at Radio Mirchi.
- At the time of their marriage, Varun was still focused on establishing and developing his startup company.
- Due to their respective professional commitments, both Varun and Sapna were occupied with their work and had limited time for each other.
- Over time, they realized the importance of spending more quality time together.
- Despite initial busyness, they made efforts to prioritize their relationship and dedicate more time to each other.
How Many Challenges Did Varun Dua Face During His Career-
Varun Dua was aimless till his 30s:-
- At the age of 30, Varun Dua found himself without a clear direction or purpose for his life after completing his education at MICA.
- Initially, he worked as an intern at Leo Burnett Advertising in Mumbai but found little interest in the work.
- During his brief tenure, he worked on a project related to insurance, where he collaborated with a lady named Sujata Datta, who later became his first boss.
- Through this project, he made connections at Tata AIG and was subsequently offered a job by Sujata Datta at Tata AIG Life Insurance.
- After working at Tata AIG for several years, Varun transitioned to another company in the mutual fund business but found the job unsatisfactory.
- Dissatisfied with his role, he decided to quit after 8 to 9 months and began applying for positions at Cleartrip and eBay, without success.
- Subsequently, Varun embarked on his startup journey, a departure from his previous career trajectory.
Varun Dua ACKO Company Success Story-
- In 2014, Varun Dua decided to establish an online insurance broking firm named Coverfox after meeting Devendra Rane, an IT engineer from IIT Bombay, who inspired him with the idea.
- Coverfox aimed to address issues related to traffic and purchasing within the insurance sector.
- Despite Coverfox’s success, Varun Dua identified a pricing problem within the insurance industry that needed solving.
- In 2016, while working on resolving the pricing issue, Varun Dua conceptualized a new company called Acko, an insurance provider.
- With support from investors of Coverfox, Varun Dua secured an investment of $30 million for Acko.
- In 2017, Acko obtained the necessary license and launched its first project in 2018, focusing initially on automobile insurance.
- Subsequently, Acko partnered with Ola to offer health insurance for Ola passengers.
What is ACKO?
- ACKO Technology and Services Private Limited (“Acko”) is the parent company of ACKO General Insurance.
- Acko, founded in 2016, is a digital-first direct-to-consumer company.
- The company specializes in building and operating technology and services platforms.
- Acko’s core focus is on delivering superlative customer experiences.
- Acko provides these insurances- Car, Bike Health, life and travel.
ACKO CEO Varun Dua Is Now Shark, In Shark Tank India-
In February 2024, Varun Dua, the founder and CEO of ACKO Insurance Private Limited, joined the Shark Tank Season 3 show as a shark judge. His role involves influencing emerging startups and business ideas. Shark Tank India serves as a platform for new, emerging entrepreneurs to present their ideas to a panel of sharks, who then consider investing in those ideas.
Acko CEO Varun Dua Net Worth Till 2024-
Varun Dua demonstrated exceptional skill and ability by securing $30 million in financing for Acko even before the company’s formal launch. This foresight underscores his distinct strategic vision and unwavering belief in his endeavour. Taking Acko’s company income into account, Varun Dua’s estimated net worth stands at 1500 cr.
Who is Varun Dua in Shark Tank?
Varun Dua is the founder and CEO of Acko General Insurance.
Is ACKO a unicorn?
yes ACKO is a Unicorn company, with a valuation of 1bilion dollars and above.
When did Acko become a unicorn?
In October 2021 ACKO became the 34th startup in India, to become a unicorn company.
Is ACKO a Startup?
No, ACKO began as a startup seeking to disrupt the insurance industry. Now that it has achieved unicorn status, it’s more accurate to describe it as a unicorn company, reflecting its massive growth and success.
Who is the wife of Varun Dua?
Sapna Rana is the wife of Varun Dua, she works in Radio Mirchi.