Axis Bank, a popular banking institution in India is planning to buy a 10% stake in Go digit life Insurance. For people who don’t know much about Go digit Life insurance, it is a well-known insurance company. Read the entire article to learn more about this news.
10% Stake in Go Digit-Life Insurance
Axis Banks is in talks with Go Digit-Life Insurance to acquire 1o% stake in their company which is worth $9 million according to the reports provided by Reuters.“Axis’ plans underscore a growing interest in India’s lucrative insurance business from private lenders…the partnership with Digit could help Axis fulfill its insurance ambitions,” a source was quoted as saying. The source also said that the acquisition will enable Axis to gather a better understanding of the online insurance industry and enable it to ‘improve outreach to insurance customers with its own banking offerings’.
About the announcement
It interesting thing about this announcement is that it has come right after HDFC’s announcement of investing approximately 69.9 CRORE IN Go Digit life insurance company.
About Go digit Life insurance company
This company was founded by Kamlesh Goyal in the year 2017, and is an insurtech startup that offers services related to health, life, and vehicle insurance. According to various, as of now , this company has 7.7 million policies and assets worth 9.93 crores. Even then , this company is not a profitable business. It is suffering from severe losses. In Financial year 2022, the company suffered a loss of about 295.86 crores. According to the reports provided by Inc 22, India’s insurtech section rise to $339 billion by 2025.
About Axis Bank
Axis Bank is one of the most well-known banks in India as it is the third largest private bank in the country. The bank focuses on giving loans to people belonging to different sections such as large and mid corporates, MSME, Agriculture, and Retail Business. This bank started out in the year 1994, it has continued to achieve continuous growth and success. The bank is being headed by S. Vishwanathan currently.
About S. Vishwanathan
S.vishwanathan is heading Axis Bank from the year 2015. He is well qualified individual with an MSC in physics , has completed MBA and CAIIB.With a banking experience of 37 years, he is leading Axis Bank to a path of progress. Before working in Axis bank, he worked with SBI for 37 long years. He retired from there as Managing Director and GE. It must be noted that he has no relations with Key director or Mangererial Personnel of the Bank.