IPO-bound Indian insurtech firm Go Digit bags $141m

Go Digit chairman and founder Kamesh Goyal (left) with Fairfax Financial Holdings CEO Prem Watsa / Photo credit: Go Digit

Indian insurtech firm Go Digit has secured US$141 million in pre-IPO funding, TechCrunch reported, citing a filing with the National Stock Exchange of India. Anchor investors in the pre-IPO round include Fidelity, Goldman Sachs, and HSBC, as well as several Indian mutual funds operated by banks like the State Bank of India and ICICI.

Go Digit’s IPO opened for subscription yesterday. The company aims to raise about US$313 million, a drop from its initial target of US$440 million in 2022, when it initially planned to go public.

The Mumbai-based firm delayed its listing at that time due to “poor market conditions.”

Go Digit offers auto, health, travel, and accident insurance. It streamlines the insurance purchasing process as it allows clients to self-check damaged vehicles, file claims, and request services online through an app.

The startup was founded by insurance veteran Kamesh Goyal in 2018. Some of its earliest backers include Peak XV Partners – formerly Sequoia Capital India and Southeast Asia – as well as Canada-based Fairfax Group.

As of 2023, Go Digit had roughly 43 million customers and issued about 8 million policies, according to the company’s prospectus.

India’s IPO space has been flourishing, becoming the world’s top IPO destination with 57 listings last year – despite a decline in VC investment. As Tech in Asia reported, part of the reason appears to be VC firms becoming more discerning in choosing companies to back.

See also: India’s companies thrive on public markets, but VCs are holding back