According to Reuters, the banking giant is looking to acquire a 10% stake in Go Digit General Insurance’s prospective life insurance business for around $9 million, valuing it at $90 million. The move is part of Axis Bank’s strategy to expand its presence in the insurance industry. It is worth noting that Axis Bank already provides certain insurance products in collaboration with Max Financial. According to Inc42, the total addressable market value of India’s insurtech sector will reach $339 billion by 2025, owing largely to increased insurance penetration and digital service percolation.
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Axis Bank to acquire 10% stake in insurtech startup Go Digit Life Insurance for $9 million
According to Reuters, the banking giant is looking to acquire a 10% stake in Go Digit General Insurance’s prospective life insurance business for around $9 million, valuing it at $90 million. The move is part of Axis Bank’s strategy to expand its presence in the insurance industry. It is worth noting that Axis Bank already provides certain insurance products in collaboration with Max Financial. According to Inc42, the total addressable market value of India’s insurtech sector will reach $339 billion by 2025, owing largely to increased insurance penetration and digital service percolation.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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