Go Digit General Insurance Ltd IPO

About Go Digit General Insurance Ltd

Go Digit General Insurance Limited was incorporated as `Oben General Insurance Limited' at Pune, Maharashtra, under the Companies Act, 2013, pursuant to a certificate of incorporation dated December 7, 2016, issued by the Registrar of Companies, Maharashtra at Pune (RoC). Subsequently, pursuant to a resolution of its Board dated May 23, 2017 and a resolution of its Shareholders dated May 23, 2017, the name of the Company was changed from `Oben General Insurance Limited' to `Go Digit General Insurance Limited', and a fresh certificate of incorporation under the Companies Act, 2013 was issued by the RoC on June 12, 2017.

According to the IRDAI and RedSeer Report (page 14) which has been commissioned and paid for by our Company exclusively in connection with the Offer, the Indian non-life insurance contributed around US$33.30 billion in GWP in Financial Year 2023, showing a CAGR of 11.2% from Financial Year 2018 to Financial Year 2023 and a CAGR of 13.6% from Financial Year 2021 to Financial Year 2023. It is estimated that, as of nine months ended December 31, 2023, non-life insurance contributed around US$27.50 billion in GWP from US$24.60 billion in GWP for the nine months ended December 31, 2022, indicating positive growth momentum, according to RedSeer Report (page 14) which has been commissioned and paid for by the Company exclusively in connection with the Offer.

Go Digit General Insurance Limited is one of the leading digital full stack insurance companies, leveraging its technology to power what it believes to be an innovative approach to product design, distribution, and customer experience for non-life insurance products. Digital full stack insurance companies are licensed insurance operators or companies that have end-to-end digital capabilities and a digital first approach across customers' insurance value chain. According to the RedSeer Report (page 35) which has been commissioned and paid for by our Company exclusively in connection with the Offer, in the nine months ended December 31, 2023 and Financial Year 2023, our Company catered for approximately 82.5% (equating to Rs. 66.80 billion) and 82.1% (equating to Rs. 72.43 billion), respectively, of the GWPs written by these digital full stack insurance players which, in addition to the company, includes Acko and Navi, making it the largest digital full stack insurance player in India, according to the RedSeer Report (page 33) which has been commissioned and paid for by the Company exclusively in connection with the Offer. The Company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which the customers can customize to meet his or her needs. In the nine months ended December 31, 2023, our motor, liability, property and engineering, health (excluding travel and personal accident), other (including mobile), personal accident and travel insurance products contributed to 61.1%, 1.7%, 11.4%, 14.9%, 7.0%, 3.6% and 0.3% of its GWP, respectively.

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