Shares of Go Digit General Insurance rallied over 8% to touch INR 374.05 apiece after opening on the BSE on Monday
However, the shares shed some of the gain later in the day
This comes after the unicorn reported robust financial performance last week for the first quarter of FY25
Shares of Go Digit General Insurance rallied over 8% to touch INR 374.05 apiece after opening on the BSE on Monday (July 29).
However, the shares shed some of the gain later in the day. GoDigit shares were trading at INR 351.10 at 12:42 PM, as compared to INR 345.45 at previous close.
This comes after the unicorn reported robust financial performance last week for the first quarter of the financial year 2024-25 (Q1 FY25).
Go Digit General Insurance’s profit after tax (PAT) went up 74% to INR 101 Cr in the June quarter (Q1) of the fiscal year 2024-25 (FY25) from INR 58 Cr in the year-ago quarter.
On similar lines, Go Digit’s total gross written premium (GWP) jumped 22.2% year-on-year to INR 2,660 Cr in the quarter ended June 2024. The insurtech startup clocked a GWP of INR 2,178 Cr in Q1 FY24.
The surge came largely on the back of growth in third-party motor, health, travel, and personal accident premiums.
Go Digit’s net earned premium rose to INR 1,824 Cr during the period under review from INR 1,475 Cr in the year-ago quarter.
The insurtech startup’s total income, including net earned premium, income from investments, and other income, jumped more than 24% YoY to INR 2,076 Cr during the period under review.
Founded in 2017 by Kamesh Goyal, Go Digit leverages technology to offer insurance policies across verticals such as health, motor vehicle, travel, and property. The startup is backed by the likes of Fairfax, Peak XV Partners, A91 Partners, among others.
The insurtech startup made a muted debut on the bourses earlier this year, with its shares listing at a premium of 5% to the issue price on the NSE.
Earlier this year, the Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of INR 1 Cr on IPO-bound Go Digit General Insurance for non-disclosure of a change in the conversion ratio of compulsorily convertible preference shares (CCPS).
