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Business News/ Companies / News/  Go Digit Life Insurance gets Irdai nod for life insurance business in India
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The Insurance Regulatory and Development Authority of India (Irdai) on Friday said it has granted life insurance business licence to Go Digit Life Insurance Limited.

Go Digit, a firm backed by Canada-based Fairfax Group, is already in the general insurance business.

With the latest addition, the number of insurers operating in the life insurance segment has gone up to 26.

"Insurance Regulatory and Development Authority of India (Irdai) in its 122nd meeting held on June 02, 2023, has granted a Certificate of Registration to a new life insurer namely, Go Digit Life Insurance Limited to carry life insurance business in India," the regulator said.

Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, has refiled preliminary IPO papers with Sebi after making certain changes to its employee stock appreciation rights scheme.

This came after Sebi returned Go Digit's draft IPO (Initial Public Offering) papers on January 30 and asked the company to refile the documents with certain updates.

The size of the company's IPO remain unchanged in the revised documents.

Go Digit's proposed IPO comprises fresh issuance of equity shares worth 1,250 crore and an Offer For Sale (OFS) of 10.94 crore equity shares by a promoter Go Digit Infoworks Services and existing shareholders.

Proceeds from the fresh issuance have been proposed to be utilised for the augmentation of the company's capital base and maintenance of solvency levels and general corporate purposes.

Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm.

Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, to meet the needs of the customers. It is one of the first non-life insurers in India to be fully operated on the cloud and has developed application programming interface (API) integrations with several channel partners.

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Updated: 09 Jun 2023, 11:02 PM IST
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