Go Digit General Insurance Ltd., the digital full-stack insurance company backed by Virat Kohli and set to go public, has announced a remarkable increase in its profit and revenue for the financial year ending 2022-23. According to filings submitted to the Ministry of Corporate Affairs, Digit Insurance’s consolidated revenue from operations surged to Rs 5,164 crore, marking a substantial 52% rise from the previous fiscal year’s figure of Rs 3,404 crore.
In addition to its robust revenue growth, Digit Insurance reported significant gains in other income, totaling Rs 725.9 crore. The company’s expenses aligned with this upward trajectory, reaching Rs 5,445.3 crore. This financial performance resulted in a remarkable sixfold increase in profit, with Digit Insurance reporting a profit of Rs 338.2 crore in the fiscal year 2022-23 compared to Rs 49.7 crore in the previous fiscal year.
Digit Insurance stands out in the competitive landscape by offering a range of insurance products spanning motor, health, travel, and other segments. Notably, the company’s performance contrasts with that of rivals like Acko, which posted a loss of Rs 700 crore in the last fiscal year.
Having addressed concerns raised by the market regulator SEBI, Digit Insurance resubmitted its draft red herring prospectus in March of the previous year. However, the approval for its initial public offering is still pending.
As Digit Insurance prepares to go public, its impressive financial results underscore its position as a formidable player in the digital insurance space. The company’s strategic approach and robust financials may contribute to heightened investor interest as it moves closer to its IPO.
