Go Digit Ropes In Two Non Executive Directors To Drive Growth

Insurance unicorn Go Digit, which is backed by marquee investors like Fairfax, Peak XV and A91 Partners, among others, has roped in two new non executives following board’s approval.

The company appointed United India Insurance Company’s former chairman and managing director Mahendra Kumar Garg as non executive, independent director. Besides, it has also appointed Fairfax India Holdings’ former CEO Gopalakrishnan Soundarajan as non executive director of the company.

The appointments got greenlight in a meeting held by the company’s board of directors on June 28.

As per the company’s filing, this comes after Chandran Ratnaswami resigned from the position of non executive director in the company. 

Garg and Soundaranjan’s expertise across sectors, including finance, insurance, risk management and governance will help in driving the company’s growth, the filing added.

It is pertinent to note that Go Digit recently became a public company. The bidding for the initial public offering, which was started on May 15, was subscribed 0.36X on the first day and received a 9.6X subscription on the final day.

However, on May 23, the company made a muted market debut with its shares listed on NSE at 5.1% premium and on BSE at 3.3% higher to the issue price of INR 272.

Just days after its listing, on June 11, Go Digit posted over a 400% jump in its profit after tax (PAT) to INR 182 Cr in FY24 from INR 36 Cr in the previous fiscal year.

Shares of Go Digit were trading at INR 337.95 apiece at 1:28 PM on the BSE on Tuesday, down 1.69% from the previous close at INR 343.75

With its IPO, Go Digit became one of the five major companies to be listed on the exchange in the first half of this year along with TBO Tek, Awfis, ixigo and TAC Security. As per Inc42’s report, this is in contrast to five startups listed in 2023 and just three new-age tech companies made way to the bourses in 2022. 

In the second half of 2024, major players, including foodtech giant Swiggy, EV startup Ola Electric and omnichannel marketplace FirstCry, are also eyeing a market debut.