Digit Insurance Profit Jumps Nearly Sixfold Last Fiscal
Digit Insurance reported a profit of Rs 338.2 crore in 2022-23 compared to Rs 49.7 crore in fiscal 2022.
IPO-bound Go Digit General Insurance Ltd.'s profit jumped nearly sixfold and revenue rose 52% in the last financial year.
The digital full-stack insurance company's consolidated revenue from operations increased to Rs 5,164 crore from Rs 3,404 crore in 2021–22, according to filings with the Ministry of Corporate Affairs.
Digit Insurance's other income was Rs 725.9 crore, and its expenses grew in line to Rs 5,445.3 crore. This helped it report a profit of Rs 338.2 crore in 2022-23 compared to Rs 49.7 crore in fiscal 2022.
The Virat Kohli-backed startup offers insurance products across motor, health, travel and other segments. Digit Insurance competes with rivals like Acko, which posted a loss of Rs 700 crore in the last fiscal.
Digit Insurance had refiled its draft red herring prospectus with SEBI last March after addressing the market regulator's concerns. The draft paper for an initial public offering is yet to receive approval.
