The development underscores the growing interest of private lenders in India’s lucrative and largely untapped insurance sector. country’s largest private lender HDFC bank also announced plans to buy 9.94% stake in go digit life last month.
Digit, which is already present in the general insurance business, is foraying into the life insurance segment with its Go Digit Life venture, but is yet to obtain a license for the entity.
Reuters reported in August that the Axis Bank 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 points general insuranceDigit’s general insurance business backed by Canadian billionaire Prem Watsa Fairfax GroupThis month it halted its planned initial public offering.