Go Digit, an Indian insurance startup, collected $141 million from dozens of investors in its Wednesday IPO.
In a stock exchange filing, Go Digit listed Fidelity, Goldman Sachs, Morgan Stanley, Abu Dhabi Investment Authority, Bay Pond, Mirae Asset Management, Steadview Capital, HSBC, and Indian mutual funds SBI, ICICI, Axis, Tata, and Edelweiss as anchor backers for the IPO.
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GoDigit, founded by ex-KPMG CEO and insurance industry veteran Kamesh Goyal, sells auto, health, travel and accidental insurance. The firm streamlines insurance purchasing and redemption by letting smartphone users self-inspect, submit claims, and seek services. In the nine months ending December 2018, its IPO prospectus reported 43 million customers and 8 million policies issued.
The Mumbai-based business wants $313 million from its IPO. It wants a $3 billion valuation, 25% lower than its last private valuation of $4 billion.
Retail investors in India like tech startup stocks. Many software businesses that went public on Indian stock exchanges in recent years have beaten the Sensex, which is up 1.4% this year. Zomato shares are up 51.2% and PolicyBazaar shares are up 60.4% this year.
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GoDigit, supported by Peak XV, Fairfax Group, TVS Capital, A91 Partners, and Virat Kohli, abandoned its 2022 IPO due to market conditions. According to its draft prospectus, it sought $440 million in the IPO.
GoDigit is one of many Indian startups seeking public listing this year. In a private IPO last month, food delivery service Swiggy sought $1.25 billion. Ola Electric went public late last year, and its older sibling, ride-hailing giant Ola, will follow later this year.
About GoDigit
Digit Insurance is India’s top digital full stack insurer. Pursuing insurance simplification.
