Go Digit is a general insurance firm that reported a three-time increase in its net profit to Rs 89.4 crore in the second quarter of FY25. The startup offers an online platform with insurance services for non-life related products such as cars, travel, mobile, and flight delays. The sale of these insurance services is the company’s major source of revenue. The Go Digit is a digital full-stack insurance company that provides an app-based insurance platform for businesses and individuals.
The firm showed a strong financial record for the second quarter of this fiscal year with 221 percent YoY growth to Rs 89.47 crore. inc42 reported. The company posted a three-time increase in profit compared to the last quarter. The gross written premium increased by 14.2 percent and stood at Rs 2,368.57 crore in the second quarter of FY25, this was around Rs 2,073.84 crore in the second quarter of the last financial year.
Go Digits offers an online insurance platform with a seamless customer experience. The platform features a digital consultant tool to help users pick insurance coverage for home loan EMO calculators and businesses. The company aims to make the insurance process simple and easily accessible to everyone. The startup claims to have paid around Rs 572 crore for commissions and brokerage to its distribution partners for the second quarter of this financial year.
The company posted a total revenue of Rs 2,175 crore in the same duration. The startup also earns its income through interest from its investments and commissions. Go Digit also posted a 17.4 percent increase in its assets under management for the quarter at Rs 18,502 crore for this quarter.
The insurance company focuses on improving its business model while offering more innovative solutions. The startup plans to reduce its losses by minimizing operating expenses and employee benefits. The company failed to control its losses and posted a 13.2 percent decrease in its profit on a sequential basis to Rs 101.34 crore in Q1 FY25. The insurance tech startup also offers processing services and solutions to agents and provides services to its customers. Go Digit faces competition from other digital insurance and management platforms including ACKO and insurance Dekho.
Conclusion :
Go Digit announced a 222 percent increase in its profit to Rs 89.4 crore and the revenue stands out at Rs 2,175 crore in the second quarter of this financial year. This general insurance startup offers non-life product-related insurance policies including car, health, flight delay insurance, and business products insurance. The startup claims to have over 43 million customers on its platform and it has issued over 8 million insurance policies.
The sales of these insurance services are the company’s primary source of revenue. The company reported that Rs 572 crore of the total expenses went to commissions and brokerage services to its distribution partners. The startup competes with other insurance offering platforms like insurance Dekho and cars24.
Disclaimer – We have collected this information from various trustworthy sources on the Internet, and the facts have been checked manually and verified by our In House team.
0 Comments