Peak XV Partners Sells Go Digit Shares Worth ₹139 Crore Again
Venture capital firm Peak XV Partners has divested shares worth approximately ₹139 crore in Go Digit, an insurtech company, marking the second significant sale in two months.
Peak XV Partners, an early investor and a major venture capital firm, has once again offloaded a substantial portion of its stake in the listed insurtech company Go Digit. The firm sold shares valued at approximately ₹139 crore (approximately $16.7 million USD) through a block deal on Wednesday.
The block deal was executed at a discount of about 4.1% to Go Digit's closing price on Wednesday. This follows a similar sale in June, when Peak XV Partners sold Go Digit shares worth ₹100 crore.
The sale comes amidst a broader sell-off in Go Digit's stock, which has faced headwinds including a tax demand notice of ₹384.4 crore received in March and subdued financial performance. In the first quarter, profits fell by 37.5% year-over-year, and gross written premiums declined by 8.4%.
Go Digit, founded in 2017 by Kamesh Goyal, operates as a full-stack digital insurance provider across various sectors like motor, health, and travel. The company has raised over $462 million in funding to date from investors including Faering Capital and Wellington Management.
Go Digit General Insurance shares closed 3.15% higher at ₹253.4 on Wednesday. The Competition Commission of India recently approved the amalgamation of Go Digit's holding entity with Go Digit General Insurance.