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Virat & Anushka ’s Investment In IPO-Bound Go Digit Zooms 3.6X
Inc42
·
1y ago
Medial
Indian cricketer Virat Kohli and his wife, actress Anushka Sharma, have seen the value of their investment in insurtech startup Digit nearly quadruple. The duo invested INR 2.5 crore ($336,000) in Digit in 2020, and at the upper end of the startup's IPO price band, their investment is now valued at INR 9 crore. While Kohli and Sharma are not selling their shares in the company's public offering, Digit plans to raise over INR 2,600 crore through a fresh issue of shares and an offer for sale. Founded in 2017, Digit offers insurance policies in various sectors.
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Virat Kohli, Anushka Sharma to not sell shares in Go Digit's IPO
IndianStartupNews
·
1y ago
Medial
Go Digit General Insurance will open its IPO for subscription on May 15 and close on May 17. Virat Kohli and Anushka Sharma will not be selling their shares in this offering. Both collectively invested ₹2.5 crore in 2020. Considering the upper price band of ₹272, the value of their investment will turn to ₹9.06 crore.
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Insurtech startup Go Digit General Insurance gets SEBI's approval for IPO launch
IndianStartupNews
·
1y ago
Medial
Go Digit General Insurance, an Indian insurtech startup backed by Fairfax Group, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The IPO includes a fresh issuance of shares worth Rs 1,250 crore and an offer for sale of 10.94 crore shares by existing shareholders. Go Digit aims to strengthen its capital base, maintain solvency levels, and support general corporate purposes. The startup offers a wide range of insurance products and is known for being India's first cloud-based non-life insurer. Cricket star Virat Kohli and actor Anushka Sharma are among its notable investors.
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MS Dhoni’s family office invests in new-age insurer Acko - The Economic Times
Economic Times
·
11d ago
Medial
Mahendra Singh Dhoni has invested in the D2C insurance platform Acko through his family office, Midas Deals, and will also serve as the brand ambassador. Founded in 2016, Acko emphasizes a tech-first, customer-centric approach and processes over two million insurance claims annually. This mirrors the strategy of Acko's competitor, Go Digit, backed by Virat Kohli and Anushka Sharma as investors and brand ambassadors. Financial details of Dhoni's investment were not disclosed.
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Digit IPO To Open On May 15; Issue Size Reduces
Inc42
·
1y ago
Medial
Digit Insurance's IPO, scheduled to open next week, has been modified to include a fresh issue of shares worth INR 1,125 Cr and an offer for sale (OFS) component of INR 5.47 Cr. Initially, the IPO was planned to be larger, with a fresh issue worth INR 1,250 Cr and a larger OFS component. The insurance tech startup filed its draft papers for the IPO in August 2022 but faced concerns from SEBI, which were later addressed. Digit Insurance offers various types of insurance policies and is supported by investors such as Virat Kohli and Anushka Sharma.
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Digit IPO: Litmus Test For Insurance Tech
Inc42
·
1y ago
Medial
Insurance tech unicorn, Go Digit, is set to go public with an IPO valued at over INR 1,125 Cr. This IPO is considered to be one of the most significant ones for the Indian startup ecosystem since 2021. Go Digit is aiming for a valuation of $3 Bn, which is a 25% discount to its last private market valuation of $4 Bn. The IPO is expected to determine the fate of other Indian startup IPOs in 2024. With a focus on motor and health insurance, Go Digit is looking to continue its growth and justify its high valuation through profitability.
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Fairfax-backed Go Digit Insurance gets SEBI approval for IPO
VCCircle
·
1y ago
Medial
Go Digit General Insurance, backed by Fairfax, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The company had filed its draft prospectus in August 2022, but faced delays due to concerns raised by SEBI. Go Digit plans to raise around $151 million through the issuance of new shares and offer for sale of existing shares. The IPO comes at a time when India's stock market is performing well and the IPO market is booming. However, Go Digit faced criticism earlier this year over accounting practices.
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Digit Insurance’s profit zooms 6X to Rs 338 Cr in FY23
Entrackr
·
1y ago
Medial
Digit Insurance, an IPO-bound general insurance firm, witnessed significant growth in FY23 with a 52% increase in scale and over six-fold surge in profits. The company's revenues from operations rose to Rs 5,164 crore, driven by premium earnings from insurance policies and interest from investments. Claims settled to policyholders accounted for 59% of costs, while expenses for branding and other overheads also increased. Despite fierce competition, Digit Insurance's success story positions it well for the future, especially as it expands into the health insurance segment.
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GoDigit turns profitable in FY23, gross premium rises
VCCircle
·
1y ago
Medial
Go Digit General Insurance Ltd, backed by Fairfax India Holdings, has reported a net profit for the fiscal year ending in March 2023. The company managed to improve its claims and increase its assets under management (AUM). Go Digit, which is preparing for an IPO, experienced a rise in gross premium as well.
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Go Digit’s IPO: Valuation cut by 25% to $3 bn
The Arc Web
·
1y ago
Medial
Go Digit will launch its Rs 2,615 crore ($313 million) IPO next week, valued at Rs 25,000 crore ($3 billion). The price range is Rs 258-272, a 25% discount from its previous Rs 33,800 crore valuation. This makes Go Digit the first Indian unicorn to IPO below private valuation. The offering includes Rs 1,125 crore in primary capital, reduced from Rs 1,250 crore, and 54.8 million shares in the offer for sale.
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Insuretech Unicorn Digit Gets SEBI Nod For IPO
Inc42
·
1y ago
Medial
Insurance technology company Digit Insurance has reportedly received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The approval comes almost a year after Digit refiled its draft red herring prospectus (DRHP). SEBI's letter to Digit and its IPO advisers stated that the proposed issue could open for subscription within a 12-month period. The approval suggests that SEBI is satisfied with the IPO application. Digit is aiming to list in May and would become the second insurtech startup to go public in India after Policybazaar's parent company.
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