Bengaluru | 21st January 2020: Digit Insurance has received approval from IRDAI to raise $84 million from three growth equity investors – A91 Partners, Faering Capital and TVS Capital. This combined investment would bring Digit’s total funding to $224 million, one of the largest funding rounds in the Indian General Insurance space.
Digit is an insurance start-up, which was started with the aim of making insurance simple. Digit has a comprehensive portfolio of products across motor, travel, property and health insurance. It is one of India’s 1st insurance companies to be fully on the cloud. The company relies on a well-designed and customized technology infrastructure that leverages a combination of advanced technologies and offers a frictionless experience to its customers and partners.
Digit is now also recognized globally for innovation & growth and has recently been awarded ‘General Insurance Company of the Year 2019’ by Asia Insurance Review, Singapore.
The investment is an endorsement of the company’s growth trajectory. Within 2 years of operation, Digit now serves more than 5 million customers and has achieved close to $300 million of annualized premium and has a 1.2% market share of the overall in the General Insurance Industry in India.
In addition to the three high quality institutions investing in the company, 72 Digit employees have also invested over $4.34 million along with the investors as a part of this round, making it a proud moment for Digit. This is certainly a vote of confidence by the employeesfor the future of their company.
Mr. Kamesh Goyal, Founder and Chairman, Digit Insurance, said, “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. 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.”