Go Digit is a Bengaluru-based full-stack digital insurance startup company offering motor, health, travel, property, marine, liability, and other insurance products. This startup has raised $141 million ahead of its initial public offering today from Anchor Investors. The startup was backed up by Goldman Sachs, Morgan Stanley, Abu Dhabi Investment Authority, Bay Pond, Fidelity, Mirae Asset Management, and more. The Indian mutual funds operated by SBI, ICICI, Axis also invested in the IPO. Here we are talking about Ahead of IPO, Indian insurance startup go digit secured $141 million from Anchor investors.
Here we are talking about Ahead of IPO, Indian insurance startup go digit secured $141 million from Anchor investors:
Kamesh Goyal and Sriram founded Go Digit to offer a range of non-life products insurance that include auto insurance, health insurance, business products insurance, and more. The startup allows an individual to buy property, travel, vehicle and shop insurance. The company aims to make insurance of products simple and accessible to everyone. Go Digit offers a platform to its users that allows them to self-inspect, submit claims, and process service requests just using their phones. According to its IPO prospectus, the platform has recorded over 43 million customers and has issued over 8 million policies.
This startup is aiming to secure a total of $313 million from the IPO and is seeking a valuation of about $3 billion. The valuation is about 25% lower than its last valuation of $4 billion. Go Digit is backed by investors like Fairfax groups, TVS capital, peak XV, a91 partners, and an Indian cricketer Virat Kholi. The startup was planning to launch in the market in 2022 but they pushed it back cause of poor market conditions.
According to the draft prospectus filled at that time, the startup was expected to raise $440 million in the IPO. Go Digit is the only Indian startup looking to list publicly this year. Swiggy also filed to go public last month and is about to raise $1.25 billion in IPO.
Under the OFS, promoter Go Digit Infoworks and other existing shareholders will offload stakes while Virat Kohli and Anushka Sharma will remain investors. The startup has raised Rs 1,176.5 crore from anchor investors a day ahead of its initial public offering, which opened Wednesday. Large domestic mutual funds such as SBI Mutual Fund, ICICI Prudential Mutual Fund, and Axis Mutual Fund also participated in the round. Go Digit Infoworks owns an 80.5% stake in the company and is planning to sell around 54 million shares with shareholders also pairing their holdings in the IPO.
Conclusion
Go Digit is a Bengaluru-based full-stack digital insurance startup company offering motor, health, travel, property, marine, liability, and other insurance products. This startup has raised $141 million during its initial public offering today. The startup allows an individual to buy property, travel, vehicle and shop insurance. The company aims to make insurance of products simple and accessible to everyone. Go Digit offers a platform to its users that allows them to self-inspect, submit claims, and process service requests just using their phones. The platform has recorded over 43 million customers and has issued over 8 million policies.
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