INSURTECH STARTUPS PROFIT
Go Digit hits second year of profit in FY24, shares surge
The company's shares were up nearly 10% in the early trade on Wednesday, the stock closed at Rs 341,75, up 1% from the previous day. In the last quarter of FY24, Go Digit reported Rs 2,336 crore worth of gross premium collected, up 19.4% from Rs 1,955 crore in the prior quarter. For the full year, the company collected Rs 9,016 crore in premiums, marking a 24% rise from Rs 7,243 crore in FY23.
Go Digit Insurance IPO: Retail portion fully booked even as overall demand remains steady on Day 1
Virat Kohli bought 2.66 lakh shares of the company for Rs 2 crore in 2020, while Anushka Sharma invested 50 lakh through a private placement. Currently, Go Digit IPO GMP is Rs 45, slightly lower than the previous week.
Go Digit IPO sails through on Day 3. Check GMP and other details
Go Digit General Insurance IPO saw oversubscription and strong retail investor interest. Backed by celebrity investors, the company plans to enhance capital with the IPO proceeds, focusing on growth and empowering distribution partners.
Go Digit Insurance IPO subscribed 79% on Day 2, retail portion booked 254%. Check GMP, other details
Go Digit Insurance's IPO was subscribed 79% on the second day of the bidding process. The retail portion was fully subscribed at 2.54 times, while the non-institutional investors' portion reached 0.73 times. Qualified institutional buyers' quota was subscribed 0.24 times.
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Regulatory scrutiny may queer the pitch for insurtech; and other top startup & tech stories this week
Multiple people in the know have told me that the insurance regulator is not comfortable with the typical corporate structures of startups, and may not be in favour of granting them an insurance manufacturing licence. The regulator wants these firms to get rid of any holding company structures, onboard investors directly into the applying entity, and have founders bring in sufficient amount of net worth before applying.
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Startups in queue for insurance licence face stricter norms
Backing of a large local investor, considerable net worth of promoter and founder are among key requirements laid down by the sector regulator.
Ajit Isaac on what Quess Corp demerger, the value unlocking and rationale
Ajit Isaac, CMD of Quess Corp, explains the rationale behind the demerger, emphasizing the need for a simplified structure and renewed focus. He discusses the targets for each demerged entity, including international expansion, revenue growth, and margin improvement. Bluspring is positioned to capitalize on the opportunities in India's evolving economy.
Funding winter or not, startups loosen purse strings to reward top talent
Giving high increments, stock options, bonuses, global roles and accelerated promotions to ringfence people who are critical to business.
Insurtech startup Acko aims to achieve profitability by fiscal year 2027
Acko is eyeing profitability on the back of its general and health insurance segment turning earnings positive, founder and CEO Varun Dua said in an interview with investment bank UBS Global. Recently, Acko floated its life insurance company focussing on the sale of term plans, which is currently in the beta stage.
With Irdai opening doors, insurtech firms look to transform into general insurers
Insurtech firms such as Bengaluru-based Onsurity and Pune-based Loop Health help employers offer group health policies to their employees and run a platform to offer employee wellness services, too. They want to capitalise on the Insurance Regulatory and Development Authority of India (IRDAI) move of opening the heavily regulated sector to new participants.
The rise & rise of new-age stock brokers; and other top tech, startup stories this week
A crop of tech-first stockbrokers is not only leading from the front in adding new customers, they’re also generating strong revenues and profits. These stock-broking platforms, which have diversified beyond stock trading to position themselves as full-fledged financial services firms, have left behind the traditional players in terms of user sign-ups.
Insurtech startups make hay as embedded insurance gets the spotlight
From banks that want to cross-sell insurance products to ecommerce companies offering to insure large-ticket purchases to travel aggregators offering insurance against flight delays, companies are roping in insurance technology startups such as Zopper, Riskcovry, and OneAssure to power such sales.
December dip in online sales; insurtech firms chart fresh growth paths
After an expected spurt during the festive season, ecommerce sales saw a larger-than-usual dip in December. This and more in today’s ETtech Morning Dispatch.
Insurtech startups check expenses to secure profits
Insurtech startups such as Acko and Digit have switched gears to health insurance which is a more long-term product despite starting with motor insurance, which is mandatory for vehicle owners in India, as their principal product.
Insurtech startup Riskcovry gets $4.5 million in bridge round
Riskcovry plans to use these funds to push towards profitability and eventually close its series B round of funding.
Digital lending at an inflection point, and other top tech, startup stories this week
The digital lending sector in India is experiencing an inflection point after years of challenges. Industry-level NPAs are decreasing, credit demand is increasing, and investors are showing interest in the sector again. Fintechs have dominated the unsecured lending space, with the market share of fintech lenders in the personal loans sector increasing from 13% in 2018 to 47% in 2023.
InsuranceDekho bags $60 million, valuation hits $750 million
The insurance marketplace wants to double its insurance premium count by the end of this fiscal.
Decoding InsuranceDekho’s back-to-back funding rounds amidst a funding winter
Amidst a funding winter, when startups are having to go the extra mile to justify every dollar of their valuation, InsuranceDekho stood out.
Irdai on a transformational journey to take insurance to masses
Under new chairman Debasish Panda, the regulator is engaging with the industry more than ever and looking to get the sector charged up.
Zerodha allocates an additional Rs 1,000 crore to back startups through Rainmatter
Zerodha said in a blog post Friday that it has now partnered with over 80 startups and has invested close to Rs 400 crore over the last seven years.
Startup funding winter could extend 6 to 12 months despite positive indications: Redseer survey
Nearly 50% of investors in the survey, conducted in June 2023, were optimistic about a resurgence in funding within the next six to 12 months.
Startups vs IAMAI, redux; Mojocare investors mull legal action against founders
Startups are once again at odds with the Internet and Mobile Association of India (IAMAI) over the latter’s stance on the digital competition bill. The latest in this feud and more in today’s ETtech Morning Dispatch.
Insuretech startup InsuranceDekho raises $150 million in latest funding round
Investcorp, Avataar Ventures and LeapFrog Investments also invested as part of the equity funding. The share allotment to some of these investors began in January.
ETSA 2022 nominees; CCI fines Google again; and Policybazaar expects profitability by FY24
After revealing the ten-member, high-powered The Economic Times Startup Awards (ETSA) 2022 jury and the nominees for Bootstrap Champ, Top Innovator, Comeback Kid, Social Enterprise and Best on Campus, today we bring to you the contenders for two more important categories - Woman Ahead and Midas Touch. That is not all, we have other big stories lined up for you.
How Zerodha-backed startup Ditto Insurance is simplifying insurance for India with its advisory-first model
Lack of good advisory, spam calling, and mis-selling are some of the issues that plague the Indian insurance industry. On National Insurance Awareness Day, we spotlight Zerodha-backed insurtech startup Ditto Insurance, which is simplifying insurance for India and helping people make more informed decisions with their money.
How tech startups are boosting the growth of small e-commerce businesses in India
We have witnessed various big businesses attaining new heights and various small e-commerce businesses being started and establishing themselves among the consumers and in the market.
Insurtech startup GramCover raises $7 million in a Series A round
The fresh capital will be used to strengthen the technology and product offerings and also scale up the business and support functions.
Insurtech startup GramCover raises $7 million in Series A funding
The insurtech startup will use the fresh capital to strengthen the technology and product offerings and also scale up the business and support functions.
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