Digit Insurance is raising up to $200 million from existing and new investors in a round that pegs the Fairfax-backed general insurer’s valuation at $3.5 billion.
The fund raising, from existing investor Faering Capital and new investors Sequoia Capital India, IIFL Alternate Asset Managers and a few others, is subject to insurance regulator IRDAI’s approval. It is one of the biggest funding rounds in the Indian insurance industry, bringing the total capital infused into Digit to $442 million. In a smaller funding round in January 2021, it was valued at $1.9 billion, the company said.
Chairman and founder Kamesh Goyal said Digit will continue with its focus on increasing insurance penetration and simplifying processes through technology. The company provides motor, health and travel insurance. TVS Capital Funds, A91 Partners, Indian cricket team captain Virat Kohli and employees of Digit have also invested in the company.
Fairfax Financial Holdings Chairman Prem Watsa said Digit’s relevant products, simple processes and a tech-enabled and customer-centric approach set it apart.
