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Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication

EntrackrEntrackr · 4m ago
Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication
Medial

Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication The Bombay High Court has provided major relief to Go Digit General Insurance by setting aside a Rs 170.29 crore GST demand raised by the Chennai South Commissionerate of GST & Central Excise. The order, dated July 4, includes Rs 154.8 crore in alleged tax dues and Rs 15.48 crore in penalties for the period from July 2017 to March 2022. According to Go Digit’s filing accessed from the National Stock Exchange (NSE), the High Court noted that the GST Council had already discussed this industry-wide issue and issued related circulars. Now, the court has asked the tax department to review the case again, keeping those guidelines in mind, and complete the process within three months. This update comes just a few months after Go Digit listed on the stock market. The tax demand was earlier mentioned in its Red Herring Prospectus under “Material Tax Proceedings.” The company said it is reviewing legal options and is waiting for the official court order to be delivered. Importantly, the company clarified that the case is part of a broader issue impacting the insurance industry at large and that no financial implications arise at this stage due to the High Court's intervention. The insurance company recorded a 2.2X increase in profits to Rs 116 crore during the last quarter of the previous fiscal year (Q4FY25). Meanwhile, for the full fiscal year (FY25), its profits surged 133% to Rs 425 crore. The company is currently traded at Rs 333.9 as of 11.25 AM with a total market capitalization of Rs 30,828 crore or $3.6 billion.

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Go Digit invests Rs 30 Cr in Dr. Reddy’s Lab

EntrackrEntrackr · 8m ago
Go Digit invests Rs 30 Cr in Dr. Reddy’s Lab
Medial

Go Digit invests Rs 30 Cr in Dr. Reddy’s Lab Insurtech company Go Digit has invested Rs 30 crore in pharmaceutical major Dr. Reddy’s Laboratories, acquiring a 0.32% stake in the company. “The investment in shares is being made in the ordinary course of the investment function of the company,” Go Digit said in an exchange filing. Established in 1984 by Kallam Anji Reddy, Dr. Reddy's Laboratories is an Indian multinational pharmaceutical company that manufactures and markets affordable medicines. It provides a portfolio of products and services, including active pharmaceutical ingredients (APIs), custom pharmaceutical services (CPS), generics, biosimilars and differentiated formulations. Founded in 2017 by Kamesh Goyal, Go Digit is a full-stack digital insurance company that offers a wide range of non-life insurance policies across sectors such as motor vehicle, health, travel, and property, among others. Go Digit’s profit after tax (PAT) surged 176.46% year-on-year (YoY) to Rs 118.52 crore in Q3 FY25, driven by steady revenue expansion and a controlled rise in operating expenses. As of December 31, 2024, Go Digit’s assets under management stood at Rs 18,939 crore. Go Digit competes with other notable players like Acko, ICICI Lombard, Bajaj Allianz, Tata AIG, among others.

Bombay Shaving Company raises Rs 136 Cr ahead of planned IPO

EntrackrEntrackr · 6d ago
Bombay Shaving Company raises Rs 136 Cr ahead of planned IPO
Medial

Bombay Shaving Company raises Rs 136 Cr ahead of planned IPO Men’s grooming brand Bombay Shaving Company has closed a funding round of Rs 136 crore ($15.3 million) in a combination of primary and secondary infusions. The round was led by Sixth Sense Ventures, with participation from founder and CEO Shantanu Deshpande, Patni Family Office, GII and HNIs, and ex-Indian cricketer Rahul Dravid. According to TheKredible, the Gurugram-based company has raised a total of $51.5 million in previous funding rounds. The fresh proceeds will be allocated towards expanding its omnichannel presence, deepening retail reach, and investing in capabilities and brand-building to strengthen leadership across high-growth segments, Bombay Shaving Company said in a press release. Founded in 2015 by Shantanu Deshpande, Bombay Shaving Company offers a wide range of products for men and women across categories like shaving, hair care, beard care, and skin care, and has expanded to include a women's hair removal line. This fundraise marks a strategic step toward consolidation as the brand prepares for a potential IPO. According to the company, it has reported a net revenue run rate of over Rs 550 crore and achieved PAT profitability, doubling its performance compared to FY25. “Focusing on fast-evolving consumer needs, designing never-seen-before high quality products at competitive prices, and building brand remains core to what we do. We intend to continue this performance and take the company public soon. The idea is to do it sooner rather than later and carry the retail investor on our growth journey,” said Deshpande. The brand claims to have garnered strong double digit market shares in core categories with particular growth in trimmers and electric shavers as well as the women’s category through brand Bombae. Bombay Shaving Company competes with Ustraa, Beardo, and The Man Company in the grooming segment.

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