Digit Insurance, an India-based insurance start-up backed by Fairfax Group, has secured regulatory approval to raise $84 million from three growth equity investors, bringing total investment to $224 million.
Digit started its operations in October 2017 and has since expanded its distribution through direct channel partners such as e-commerce giants Policybazaar, Flipkart and Cleartrip.
In addition to the three investments from A91 Partners, Faering Capital and TVS Capital, 72 Digit employees have also invested over $4.34 million.
Digit has a portfolio of products across motor, travel, property and health insurance and is one of India’s first insurance companies to be fully on the cloud.
“We are glad that we have earned the trust of 5 million customers in just 2 years of operations and have gained 1.2% Market Share in the General Insurance Industry as well,” said Kamesh Goyal, Founder and Chairman, Digit Insurance.
“The confidence that our Investors & our employees have shown in our mission of Making Insurance Simple is very heartening. And this round of funding will further help us in doing that. Happy to be associated with our new investors in our journey to build India’s simplest insurance company!”
Gopal Srinivasan, Chairman, TVS Capital Funds, said, “From insurance to insurtech – the industry is going through a basic transformation, and Go Digit Insurance is at the cutting edge of this change.
“With their approach focussed on customer-centricity, prudent underwriting and technology for operational excellence, we are excited to partner with Kamesh and see the new phase of insurance touch many lives in India, via a simplified user experience.”
Aditya Parekh, Co-founder and Managing Director, Faering Capital, said, “Our investment in Digit is based on our thesis to back market leading companies pursuing large opportunities in financial services in India.
“Digit is uniquely poised to become a dominant player in the general insurance industry and we are excited to offer our expertise and partner with Kamesh and his team in their exciting journey of delighting customers with innovative yet simple products and services.”
Gautam Mago, General Partner, A91 Partners, said, “A91 seeks to partner with founders who are building enduring businesses for tomorrow’s India. We are thrilled to back Kamesh and the team at Digit who are building a new age insurance company in a thoughtful manner with an admirable mix of simplicity and technology.
“Digit is well poised to become the preferred general insurance company for a vast number of consumers, and we hope to be valuable partners to the Digit team in this journey.”
