Insurtech startup Go Digit General Insurance gets SEBI's approval for IPO launch

Indian insurtech startup Go Digit General Insurance Ltd, which is backed by the Canada-based Fairfax Group, has secured approval from the Securities and Exchange Board of India (SEBI) to initiate an initial public offering (IPO).

The development follows the company's initial submission of IPO documents in August 2022, marking a significant step forward in its capital-raising journey.

IPO details

The upcoming IPO consists of a fresh issuance of shares valued at Rs 1,250 crore alongside an Offer For Sale (OFS) of 10.94 crore shares by Go Digit Infoworks Services and other existing shareholders. The strategic move aims to bolster the company's capital base, maintain solvency levels, and support general corporate purposes.

Who are its investors?

Notably, cricket icon Virat Kohli and his spouse, actor Anushka Sharma, are among the investors in Go Digit. The startup is known for its comprehensive range of insurance products, including motor, health, travel, property, marine, and liability insurance. It claims to be India's first non-life insurers to fully operate on the cloud, boasting advanced API integrations with numerous channel partners.

Last year, Go Digit partnered with Vetina Healthcare LLP (who will act as a Group Manager) to extend comprehensive pet insurance coverage for dogs to members of Vetina Family.

SEBI's approval 

SEBI's green light on March 1 came after a period of compliance adjustments, particularly concerning the employee stock appreciation rights scheme. Initially facing a setback with its draft IPO papers returned by SEBI in January 2023 for updates, Go Digit refiled its preliminary documents in April 2023.