1947 Rise ☀️: 210
Digit going IPO!
1. Go Digit General Insurance files draft papers for IPO with Sebi
Digit Insurance, backed by Canadian billionaire Prem Watsa’s Fairfax Group, has filed for an initial public offering, papers submitted to the market regulator showed on Tuesday, Reuters reported.
The insurance company intends to raise up to Rs 1,250 crore via the fresh issue and offer 109,445,561 shares in the offer for sale.
The total IPO is likely to be worth Rs 3,500 crore ($440 million), according to a person with direct knowledge of the matter, said Reuters. Digit Insurance declined to comment on the IPO’s size, it added.
Go Digit General Insurance is a digital full-stack insurance company. It offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products.
2. ETtech Deals Digest: Shiprocket turns unicorn amid funding winter
Logistics aggregator Shiprocket becoming the 20th unicorn of the year was the only bright spot in a largely forgettable week for startups, with only a few managing to raise moderate amounts.
Shiprocket raised $32 million from Temasek and Lightrock
Logistics aggregator Shiprocket became a unicorn after closing a $32 million round from existing investors Temasek and Lightrock India. The round valued the company at $1.3 billion, up from its last known valuation of $900–950 million. The fresh funding comes at a time when the company has been on an acquisition spree. ET reported on June 15 that Shiprocket had acquired a majority stake in rival Pickrr for about $200 million and was closing a deal with Shiplyte.
Worth your attention:
Nandan Nilekani’s Fundamentum raises $227 million second fund Link
Tiger Global doubles down on Indian savings and investments app Jar Link
Facebook cofounder Eduardo Saverin’s B Capital to back sexual health startup Mojocare Link
Sunstone raises $35 mn in fresh round led by WestBridge Capital Link
Indian crypto entrepreneur’s blockchain venture seeks seed funding at $200 million valuation Link
Indian fintech Uni to suspend card services amid central bank’s guidelines Link