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Digit Insurance, an Indian general insurance company offering health, car, bike, and travel insurance, is raising up to $200M with existing investor Faering Capital and new investors Sequoia Capital India, IIFL Alternate Asset Managers and others, in their latest round of funding, subject to IRDAI approval. This would bring the total capital infused into Digit Insurance up to $442M.
This is one of the biggest funding rounds in the Indian insurance industry, valuing Digit Insurance at $3.5B. Digit saw a smaller round in January 2021, wherein it was valued at $1.9B.
Digit began its journey in October 2017 and was the 1st Indian Unicorn of 2021, this feat achieved in less than 4 years. It booked profit under IFRS accounting for the FY 2020-21. Despite the overall Indian insurance industry growing around 5% last year due to the pandemic, Digit grew by 44%, with a premium of $440M (April ’20 – March ’21). Digit has 20 million customers and has processed over 0.4 million claims.
The new financial year has also started with a robust Gross Written Premium growth for Digit, 70% during April-May 2021, while the industry grew by 17%.
Kamesh Goyal, Chairman & Founder, Digit Insurance, said, “We are humbled by the confidence shown by existing investor Faering Capital and the new investors. We will continue to focus on increasing insurance penetration and simplifying processes through technology. Customer service remains our key focus which is evidenced by our high customer rating, 4.7 on Google & 4.9 on Facebook based on 29,000 reviews, and fast claim settlements.”
Commenting on this milestone, Prem Watsa, Chairman & CEO, Fairfax Financial Holdings Limited, the first investor in Digit Insurance, said, “It was a difficult year for economies the world over, but I am glad to see Digit continuing to stick to its mission of simplicity and growing ahead of the industry. Their relevant products, tech-enabled, simple processes and customer-centric approach sets them apart. My best wishes to the team.”
Amongst Digit’s investors are also TVS Capital Funds, A91 Partners, Indian Cricket Team Captain (Men’s) Virat Kohli and the employees of Digit.
The Fairfax-backed insurance company, headquartered in Bengaluru, is founded by insurance veteran Kamesh Goyal, who, with over 32+ years’ experience, has worked in both General Insurance and Life Insurance spaces. Before founding Digit, he was the Head of H8- Asset Management & US life insurance Company for Allianz Asset Management. The company uses technology to simplify processes for their customers, like smartphone-enabled self-inspection and audio claims. They are 100% on cloud and have launched several innovative offerings relevant to the ever-emerging needs of customers.
“The pandemic and repeated natural calamities have drawn people’s attention towards the importance of insurance. We have covered 3.6 million lives over 32,000+ corporates under corporate health insurance alone. Digit will continue enriching the portfolio focussing on providing people-benefitting products.”, Kamesh added.
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