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Digit Insurance IPO's retail portion fully subscribed; key highlights of the offering

Economic TimesEconomic Times · 1y ago
Digit Insurance IPO's retail portion fully subscribed; key highlights of the offering
Medial

Bengaluru-based digital insurance company, Go Digit General Insurance Ltd, has launched its Rs 2,615 crore initial public offering (IPO). The retail portion of the IPO was fully subscribed by 1.45 pm on Wednesday. The IPO comprises a fresh equity issue of Rs 1,125 crore and an offer for sale (OFS) of up to 54.7 million shares. Go Digit plans to use the net proceeds to support ongoing business operations and finance future growth activities, particularly focusing on digital and omnichannel expansion. The company reported a net profit of Rs 129 crore for April-December FY24 and achieved a valuation of $3 billion-$3.2 billion for the IPO. However, it has faced legal issues and penalties from the IRDAI.

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

EntrackrEntrackr · 1y 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.

Virat Kohli acquires 1.94% in Agilitas Sports; Abhishek Sharma joins as investor

EntrackrEntrackr · 1m ago
Virat Kohli acquires 1.94% in Agilitas Sports; Abhishek Sharma joins as investor
Medial

Virat Kohli acquires 1.94% in Agilitas Sports; Abhishek Sharma joins as investor Indian cricketing icon Virat Kohli has invested Rs 40 crore (approximately $4.7 million) in Agilitas Sports, a sporting goods manufacturing company, as part of the first tranche of what is reportedly a larger funding round. This investment adds to Kohli’s growing startup portfolio, which already includes ventures like Rage Coffee, Digit Insurance, Mobile Premier League (MPL), and Wrogn, among several others. The board of Agilitas Sports allotted 3,61,611 class 2 CCPS at an issue price of Rs 1,106 each to raise the aforementioned amount, its regulatory filing accessed from Registrar of Companies (RoC) shows. In addition to this, the firm is also raising Rs 3 crore from SMLINE Ventures and Indian cricketer Abhishek Sharma, another filing shows. According to Entrackr’s estimates, the Bengaluru-based firm has been valued at Rs 2,058 crore (approximately $242 million) post money. Agilitas Sports has so far raised over Rs 600 crore to date, including a strategic investment of Rs 15 crore from Spring Marketing Capital in September last year. Following the latest infusion, Mauritius-based Infinity Direct Holdings has emerged as the largest shareholder in the company with a 37.73% stake, followed by Co-founder and CEO Abhishek Ganguly, who holds an 18.26% stake. Nexus Venture Partners owns 9.16%, while cricketers Virat Kohli and Yuvraj Singh hold 1.94% and 0.51% stakes, respectively. Founded in 2023 by ex-Puma India head Ganguly, Agilitas Sports follows an integrated model, combining manufacturing, brand licensing, and retail. It recently acquired Mochiko Shoes, which makes footwear for brands like Adidas and Puma. Agilitas is also building its own brands, including Lotto in India and Australia, and plans to expand through retail and a strong “Make in India” focus. Virat Kohli recently ended his Rs 110 crore endorsement deal with Puma India which began in 2017 and was reportedly valued at Rs 300 crore at the time of exit in 2025, to join Agilitas Sports. He is expected to not only serve as the brand ambassador but also play a role in the company’s business decisions.

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