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

EntrackrEntrackr · 4m 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.

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

EntrackrEntrackr · 10d 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.

Go Zero secures Rs 30 Cr in Series A round

EntrackrEntrackr · 4m ago
Go Zero secures Rs 30 Cr in Series A round
Medial

Snippets Go Zero secures Rs 30 Cr in Series A round Ice cream brand Go Zero has raised Rs 30 crore (around $3.4 million) in its Series A funding round from existing investors DSG Consumer Partners, Saama Capital, and V3 Ventures Ice cream brand Go Zero has raised Rs 30 crore (around $3.4 million) in its Series A funding round from existing investors DSG Consumer Partners, Saama Capital, and V3 Ventures. Subtle participation also came from notable investors Aman Gupta (through Shark Tank India) and Namita Thapar (outside the tank). With this round, Go Zero has raised a total of $6 million to date. Earlier in June 2024, Go Zero raised $1.5 million in its follow-on pre-Series A funding round from DSG Consumer Partners, Saama, and V3 Ventures. The proceeds will be used to fuel supply chain expansion, innovation in product offerings, and brand growth as Go Zero continues its expansion on quick-commerce platforms in tier I and tier II markets. Founded by Kiran Shah, Go Zero has a diversified product portfolio featuring low-calorie, high-protein, and vegan ice creams. The startup claims that all its products are sweetened with plant-based sweeteners, which are low in calories. Since its inception in July 2022, Go Zero claims to have offer 100% sugar-free products with 50% fewer calories than traditional ice creams. The brand has achieved 5X revenue growth in its second year and 3X in the third. Despite January being the off-season for ice cream sales, Go Zero recorded its highest-ever sales in January 2025, crossing Rs 5 crore in revenue. With a strong presence across Mumbai, Delhi, Pune, Bangalore, and Hyderabad, Go Zero is also set to launch new guilt-free formats, including kulfi sticks and cassata. The firm currently operates two manufacturing units in Mumbai and Bangalore. Go Zero competes with Hangyo Ice Cream, Hocco, and NIC. In 2023, NIC raised $11 million in a funding round led by Jungle Ventures, while Hocco also secured $12 million from the Chona family and other investors. Meanwhile, Hangyo Ice Cream secured India's largest venture funding for an ice cream brand, raising $25 million from Faering Capital in August last year.

Exclusive: Fireside invests in lab grown jewellery brand Aukera

EntrackrEntrackr · 11m ago
Exclusive: Fireside invests in lab grown jewellery brand Aukera
Medial

Lab-grown jewellery brand Aukera has raised Rs 26.7 crore (approximately $3.2 million) in its Series A round led by Fireside Ventures. This is the first institutional investment for a year-old omnichannel brand, which mostly deals in diamonds. The board at Aukera Jewellery has passed a special resolution to issue 10 equity and 8,155 Series A CCPS at an issue price of Rs 32,713 each to raise Rs 26.7 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Fireside Ventures spearheaded the Series A round with Rs 23.75 crore while Sparrow Capital and Eternal Emerging Enterprises participated with Rs 1.39 crore and 1.57 crore, respectively. The company will use these funds for expansion and general corporate business, as decided by the board, the filing further added. As per TheKredible’s estimates, the company has been valued at around Rs 124 crore or $15 million post-allotment. This round appears to be an ongoing one and it may raise more capital. Following the fresh proceeds, Fireside Ventures holds a significant 19.20% stake in the company while Sparrow Capital and Eternal Enterprises will command 7.59% and 5.89% of Aukera Jewellery. With the fundraise, the company has also expanded its employee stock options pool with addition of 1,180 options. At present, its total ESOP pool consists of 1,896 options. According to TheKredible estimates, Aukera’s overall ESOP pool is worth Rs 6.20 crore. Founded in 2023, Aukera is a women-centric jewellery brand that offers lab-grown diamond jewellery in white, rose, yellow gold, and platinum. It sells its products through its website and has 2 stores in Bengaluru. The Bengaluru-based firm competes with a clutch of firms including Fiona Diamonds, Limelight Lab Grown Diamonds, and Jewelbox. Aditya Birla-backed GIVA also offers a lab-grown diamond jewellery line.

IRDA imposes Rs 1 Cr fine on Go Digit Insurance

EntrackrEntrackr · 1y ago
IRDA imposes Rs 1 Cr fine on Go Digit Insurance
Medial

The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 1 crore on IPO-bound Go Digit General Insurance for inordinate delay in the filing the particulars of the joint venture agreement related to the change in the conversion ratio of compulsorily convertible preference shares (CCPS) issued by its parent company to FAL Corporation. In November, the regulator had issued a show cause notice to the firm in the matter. About 63,00,000 CCPS were issued by Go Digit’s parent company—Go Digit Info Works Services Pvt. Ltd. (GDISPL)— to Fairfax Group-owned FAL Corporation. During the time of the joint venture agreement in 2017, it was agreed upon that the conversion ratio was “1 CCPS for 2.324 equity shares”, which was changed by the company to “2.324 CCPS for 1 equity share.” Instead of 63,00,000 CCPS, a total of 78,00,000 were issued by GDISPL, the regulator noted in the order date of May 2, 2024. The company’s response further admits that “the specific non-submission of JV agreement to the authority was purely inadvertent and unintentional.” Digit Insurance has been facing issues from the regulator ever since it filed its DRHP in August 2022. Initially, SEBI did not provide the approval and sought additional information while it also returned Digit’s prospectus over employee stock plans. In April 2023, the company refiled its draft IPO papers. In November, the firm received show cause notice and multiple advisories from IRDAI for non-disclosure of change in the conversion ratio of compulsorily convertible preference shares (CCPS). However, Digit managed to get SEBI’s approval to raise funds through IPO in March this year. Digit is among a bunch of companies which had also faced friction from the regulators in the past. Last month, FirstCry had to refile its draft IPO papers after SEBI’s concern. Earlier, fintech firm MobiKwik and travel tech company TBO also refiled their draft papers with reduced IPO sizes.

EaseMyTrip invests Rs 90 Cr in two overseas firms; enters medical tourism space

EntrackrEntrackr · 10m ago
EaseMyTrip invests Rs 90 Cr in two overseas firms; enters medical tourism space
Medial

Online travel aggregator (OTA) platform EaseMyTrip has acquired a 30% stake in Rollins International and a 49% stake in Pflege Home Healthcare to enter the medical tourism market. The board of directors at EaseMyTrip has approved the acquisition of Rollins International (30%) and Pflege Home Healthcare (49%) at a consideration of Rs 60 crore and Rs 30 crore, respectively, the company’s disclosure accessed from the National Stock Exchange shows. According to the filings, the consideration of Rs 90 crore will be paid to Rollins and Pflege in the form of an equity swap i.e. issuance of EaseMyTrip’s shares. “The acquisition is a strategic expansion into the rapidly growing medical tourism sector and align with EaseMyTrip’s mission to offer holistic travel solutions by integrating wellness and healthcare services into its service portfolio as medical tourism.” the company added in the disclosure. Pflege Healthcare is a UAE-based medical tourism provider which offers international patients access to treatments worldwide with partnerships across top-tier medical institutions and leading hotel chains. Rollins International is a subsidiary of Singapore-based RHA Holding which focuses on wellness, healthcare, and consumer products such as gluten and lactose-free food products, allergen-free health supplements, wellness therapies and treatments. Earlier this month, EaseMyTrip’s board also approved the proposal for the manufacturing of electric buses. Over the years, the company expanded its portfolio through the acquisition of several firms in the travel and hospitality sectors, including Guideline Travels Holidays, TripShope Travel Technologies, and Dook Travels last year. The Nishant Pitti-led firm recorded a 6.8% quarter-on-quarter decrease in its revenue to Rs 152.6 crore in the first quarter of the ongoing fiscal year as compared to Rs 164 crore in Q4 FY24. A slight decline in scale led EasyMyTrips’s profits to down by 13% to Rs 33.92 crore in the same period.

Go Digit’s revenue falls in Q1 FY25 but profit spikes 90%

EntrackrEntrackr · 11m ago
Go Digit’s revenue falls in Q1 FY25 but profit spikes 90%
Medial

Go Digit General Insurance’s revenue from operations (net premium) decreased 8% to Rs 1,824 crore in Q1 FY25 from Rs 1,982 crore in Q4 FY24. However, its gross premium stood at Rs 2,660 crore in the first quarter of the ongoing fiscal year. The Bengaluru-based company also demonstrated strong financial standing during the previous fiscal year ending March 2024, marking a 37.4% year-on-year growth to Rs 7,096 crore (net premium) with its profits ballooning over 5X to Rs 182 crore during the last fiscal year Besides the operational income, Go Digit also made Rs 253 crore from its investments, tallying its overall revenue q Rs 2,077 crore in Q1 FY25 from Rs 2,692 crore in Q4 FY24. For the general insurance firm, the claims paid were naturally the largest cost center forming 64.48% of the overall expenditure. Akin to its scale, this cost decreased by 10% to Rs 1,285 crore in Q1FY25. The firm’s spending on commission, employee benefits, business development, sales promotion, and other overheads took its overall expense to Rs 1,993 crore in Q1 FY25 from Rs 2,198 crore in Q4 FY25. Despite a slight decrease in scale, Go Digit managed to control its costs by 9.3% QoQ, leading to a significant profit increase. Their profits rose by 90.6%, to Rs 101 crore in Q1FY25 from Rs 53 crore in Q4FY24. Sequentially, the firm posted 5X growth in profits during FY24. Go Digit General Insurance’s IPO was valued at Rs 2,616 crore, comprising a fresh issue of Rs 1,250 crore and the remainder offered for sale. The company debuted on the stock exchange on May 23 this year with a share price of Rs 286, marking a 5.1% gain compared to their price band of Rs 258-272 per share. GoDgit’s share price is currently trading at Rs 349.5 (as of 12.13 PM), According to Entrackr’s estimates, its total market capitalization stood at Rs 32,077 crore or $3.86 billion.

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