India Roundup: Top Ola execs quit ahead of IPO, and other news

Top Ola execs quit ahead of IPO 

• Ola’s chief operating officer Gaurav Porwal and chief financial officer Swayam Saurabh have reportedly left the company within the last week.
• Their departures are part of the company’s “management structuring,” Ola co-founder and CEO Bhavish Aggarwal told employees in an internal email.
• The ride-hailing aggregator is looking to raise up to US$2 billion from its initial public offering early next year. The company will raise half of the targeted capital through the issuance of primary shares, while the remaining will be part of an offer for sale by some early investors.

Insurtech unicorn Digit clocks 67% growth in H1 premiums

• Go Digit General Insurance said it recorded gross written premiums worth US$389 million in the first half of financial year 2021-22, up 67% from the same period in the previous year.
• The company said it sold 79,536 health policies and provided insurance coverage to more than 4 million users between March 2020 and September 2021.
• Digit is currently valued at US$3.5 billion, and it holds a 2.89% market share in the Indian motor insurance space. It also hit a total of US$400 million in annual premiums and has served over 20 million customers since it was established in 2017.