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Axis Bank looks to buy near 10% stake in Go Digit Life Insurance

The development underscores private lenders' growing interest in India's lucrative and largely untapped insurance sector

Topics
Axis Bank | Insurance | Insurance Sector

Reuters  |  Bengaluru 



Axis Bank
Representative image

Indian private lender Ltd said on Tuesday it has signed a non-binding term sheet to invest Rs 49.9-Rs 69.9 crore for a 9.94% stake in Go Digit Life .

The development underscores private lenders' growing interest in India's lucrative and largely untapped sector. The country's biggest private lender HDFC Bank also announced plans to buy a 9.94% stake in Go Digit Life last month.

Digit, which already has a presence in the general business, is foraying into the life insurance segment with its Go Digit Life venture but has not yet received a licence for the unit.

Reuters had reported in August that Axis Bank's stake purchase would value the startup's upcoming life insurance business at $90 million. Axis currently offers some insurance products in partnership with Max Financial.

Go Digit General Insurance, Digit's general insurance business backed by Canadian billionaire Prem Watsa's Fairfax Group, had its planned initial public offering put on hold this month.

($1 = 81.5510 Indian rupees)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Tue, September 27 2022. 20:21 IST

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