Private Equity

Other Private Equity/Strategic Investments

Go Digit Life Insurance raises Rs.140-Cr from HDFC Bank, Axis Bank

Mint  

Axis Bank and HDFC Bank are to acquire a 9.94% stake in Go Digit Life Insurance, the life insurance unit of insurtech unicorn Digit, for an investment of INR 139.80 crore. The two banks will invest INR 69.90 crore each in two tranches. The first tranche investment of INR 10.93 crore has been made. Founded in 2017 by Kamesh Goyal, Go Digit offers insurance policies across verticals like health, auto, travel, and commercial properties such as stores and holiday homes. It claims to have served over 20 million customers across car, bike, health and travel insurance segments. Go Digit plans to go for an initial public offer later this year or early next year. The IPO will include a fresh issue of INR 1,250 crore and an offer for sale (OFS) of 109.45 million shares.