Axis bank, the third largest Private lender in India to buy 9.94% stake in Go Digit Life Insurance
Digit Insurance, a tech driven insurance startup founded by Insurance sector veteran Kamlesh Goyal in 2017 became first unicorn in 2021
Digit Insurance backed by Fairfax Group of Canadian Billionaire Prem Watsawas planning to raise $440 Million through an Initial Public Offering (IPO).
IPO plans was suspended due to some reasons afterJasleen Kohli became CEO and Managing Director of Digit Insurance in April 2022.
Digit started with General Insurance. In 2020, with Covid Health Policy it entered in health insurance. And now it is planning to increase it's Go Digit Life Insurance segment
In the month of August news surfaced that HDFC Bank is eyeing to buy 9.94% stake in the Digit Life Insurance.
In an exchange filing on 27th Sept Axis Bank disclosed that it is buying 9.94% stake in Go Digit Life Insurance in two trances by investing between Rs.49.90 Cr to 69.90 Cr
With this Digit Insurance will effectively become $90 Bn valuation company. Retail Investors can only hope that it plans IPO again to take part in its growth story