Indian insurance startup Go Digit has raised $141 million from dozens of investors as part of an initial public offering that begins Wednesday.
Indian investment trusts managed by Fidelity, Goldman Sachs, Morgan Stanley, Abu Dhabi Investment Authority, Bay Pound, Mirae Asset Management, Steadview Capital, HSBC, as well as SBI, ICICI, Axis, Tata, and Edelweiss. served as the anchor backer for the IPO. , Go Digit disclosed in a stock exchange filing.
Founded by former KPMG executive and insurance industry veteran Kamesh Goyal, Go Digit sells auto, health, travel and accident insurance. The startup simplifies the insurance purchasing and reimbursement process, allowing users to self-examine, submit claims, and process service requests from their smartphones. According to its IPO prospectus, it had a total of about 43 million customers and issued a total of 8 million policies in the nine months ending in December last year.
The Mumbai-based startup aims to raise around $313 million in its IPO. The company is seeking a valuation of about $3 billion, which would be about 25% lower than its previous private valuation of $4 billion.
Indian retail investors are turning their attention to high-tech emerging stocks. The country's benchmark Sensex share price has risen 1.4% this year, but many of the tech startups that have listed on Indian stock exchanges in recent years have outperformed that. Food delivery company Zomato's share price has risen 51.2% since the beginning of the year, while insurance comprehensive company Policy Bazaar's share price has risen 60.4%.
Go Digit (backed by Peak XV, Fairfax Group, TVS Capital, A91 Partners and India's star cricketer Virat Kohli) initially aimed to go public in 2022, but scrapped plans due to poor market conditions. I gave up. The company aimed to raise $440 million in the IPO, according to a draft prospectus filed at the time.
Go Digit is just one of many Indian companies looking to go public this year. Food delivery startup Swiggy also secretly filed to go public last month, aiming to raise about $1.25 billion in an IPO. Ola Electric filed to go public late last year, and its sibling, ride-hailing giant Ola, plans to follow suit later this year.