Digit Insurance is Raising $200 Mn Funding, Valued At $3.5 Bn

Kamesh Goyal

Achieved this in less than 4 years of operations

One of the biggest rounds of funding in insurance

Led by existing PE investor Faering Capital and new investors Sequoia Capital India, IIFL

Alternate Asset Managers and a few others

Digit grew by 44% in FY21, with a premium of INR 3,243 crore

Bengaluru, 2 July 2021: Digit Insurance, a 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 a few others, in their latest round of funding, subject to IRDAI approval.

This is one of the biggest funding rounds in the Indian insurance industry bringing the total capital infused into Digit Insurance up to $442M, valuing it 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 industry growing around 5% last year due to the pandemic, Digit grew by 44%*, with a premium of INR 3,243 crore (April ’20 – March ’21).

Digit has 2 crore+ customers and has processed more than 4 lakh claims**.

Digit has maintained its industry leading growth in the new financial year with robust GWP growth of 70% during April-May 2021, versus 17% for the general insurance industry.

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, Fairfax Financial holdings, 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 more than 36 lakh lives over 32,000+ corporates**** under corporate health insurance alone. Digit will continue enriching the portfolio focussing on providing people-benefitting products.”, Kamesh added.

Digit Insurance Joins the Unicorn club with $1.9 Bn Valuation

• Valued at $ 1.9 billion, doubling since last year.
• Achieved this in a span of 3 years of operations.
• Existing PE investors are participating. 

Bengaluru, 15 January 2021: Digit Insurance, a General Insurance company, started in 2017 with a mission to make insurance simple in India, becomes this year's 1st Indian Unicorn at a valuation of $ 1.9 billion.

In an almost-recession like year for most businesses and when the insurance industry itself grew by 0.1%*, Digit grew by 31.9%, earning a premium of $186 million (April'20-Dec'20) and claims to have 1.5 crore customers since inception. Within a short span of 3 years, Digit has also garnered profits in all 3 quarters of FY 20-21 **. They also hold a customer rating of 4.9 stars on facebook based on 14,000+ customer reviews***.

The young Unicorn 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.

Under the unique and commendable sandbox initiative of IRDAI, they launched a novel COVID-19 product, a Fixed benefit cover for COVID-19. They have also been able to reach out to more than 20 lakh Indian lives through their Digit Group Illness Insurance product.

The Fairfax backed insurance company, headquartered in Bengaluru, is founded by insurance veteran Kamesh Goyal, who with over 30+ years 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.

Digit Insurance launches an Online Do-it-yourself Insurance Advisory Tool for SMEs & Startups on World Entrepreneurs' Day

• Entrepreneur can understand how to insure their businesses from different risks
• Aimed at founders or business owners no matter whatever size it is, across various industries like manufacturing, construction, import/export to name a few
• Digit Insurance has been recently named “Insurance Start-up of the Year-India” by Insurance Asia Awards

Digit Insurance, on a mission to make insurance simple in India, has launched an online Do-it-yourself advisory tool, to help SMEs and start-ups calculate the coverage required for their businesses, called SME Buddy. This is part of Digit’s initiative to make insurance simpler and relevant to the smaller businesses that are more susceptible to risks, especially with the ongoing pandemic.

SME owners and start-up founders can enter their details, like the industry they are in, the kind of assets they hold and the resources they have in the tool. Based on this, the tool provides suggestions on the kind of insurance coverage that they should avail. SMEs are the backbone of the country. They are key contributors of product and service innovations and thus exposed to higher risks of different kinds. Choosing the right insurance solution can help to protect them from unprecedented losses.

It will give small businesses an idea on what type of insurance covers will be helpful for them and will protect them from eventualities.

Vivek Chaturvedi, Chief Marketing Officer, Digit Insurance, said, “At Digit, we are always looking at ways of taking our mission of making insurance simple one notch higher. This time we thought of making insurance relevant and simple for SMEs & Start-ups. They have been a huge pillar of support for the nation through these tough times and in doing so they are exposed to a variety of losses. Also, commercial insurance or SME insurance still has a layer of complexity and is difficult to understand.  Hence, as an insurer we wanted to simplify the initial understanding for such insurances and wanted to spread awareness on the different kinds of insurance products that businesses would require based on different factors. This tool is our way of helping SMEs protect themselves in such difficult times.”

The company’s biggest differentiator is its mission of making insurance simple, which has become the need of the hour for Indians and has the potential to make insurance relevant. Digit Insurance has been focusing its efforts in bringing simpler insurance to both individuals and organizations. The tool can be viewed here https://www.godigit.com/calculators/sme-buddy-business-insurance-calculator/

Digit Insurance Named ‘Insurance Start-up of the Year – India’ in Insurance Asia Awards 2020

Digit Insurance, on a mission to make insurance simple, has received the award, ‘Insurance Start-up of the Year – India’ at the fifth edition of the prestigious Insurance Asia Awards 2020. The company has received this award in recognition of its efforts in offering simplified insurance solutions and seamless customer experience enabled by technology. 

The awards were held virtually for the first time this year due to the pandemic and recognitions were handed via a visual presentation to the winners. Seventy-five insurance companies from 22 countries in the Asia Pacific region were awarded in this year’s programme.

Mr Kamesh Goyal, Founder and Chairman, Digit Insurance, said, “We are honoured to have received the ‘Insurance Start-up of the Year – India’ award in the Insurance Asia Awards 2020.  We have a great team of enthusiastic individuals & partners whose persistent efforts have brought us this accolade.”

This year’s awards from the Insurance Asia Awards 2020 aims to recognise insurance firms that can navigate around various market challenges while keeping clients satisfied and maintaining revenue.

In just three years of operations, Digit Insurance has gained 1.54 per cent market share and has also insured more than 90 lakh customers (as on 30th June 2020). Digit Insurance also is the highest rated insurance company on Facebook with a 4.9 rating out of 5 (as on 9^th June 2020).

About Digit:

Go Digit General Insurance Limited is a new-age general insurance company started by Kamesh Goyal and backed by the Fairfax Group, one of the largest financial services groups in the world.

The company has raised three rounds of funding amounting to $140 million from Canadian billionaire Prem Watsa’s Fairfax Financial Holdings and $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 has an NPS score of 87 per cent.

Headquartered in Bengaluru, Digit has partnered with some of the leading companies like Cleartrip, Sterling Holidays, SOTC and Policy Bazaar. Digit Insurance has recently won ‘General Insurance Company of the Year 2019’ award at Asia Insurance Review Awards, Singapore.

During the ongoing pandemic, Digit Insurance has been able to service a number of commercial and industrial establishments and secure their employees and customers through relevant health insurance solutions. It has also featured in the Top 25 Indian Startups Lists by Linkedin in 2018 and 2019 and was in CB Insights’ top 250 fastest growing fintech companies globally list in 2018. Digit is the highest rated general insurance company on Facebook with 4.9 rating from around 7000 followers. 

Digit Insurance to Raise Equity Funding of $84 million

• Largest funding round received in the Indian General Insurance space


• Funding raised from A91 Partners, Faering Capital and TVS Capital Funds


• Digit Insurance employees also invited to invest and showcasing the confidence in their organization, 72 employees have invested over $ 4.34 million 


• Digit Insurance was awarded Asia’s best General Insurance Company, 2019 in Asia Insurance Review Awards, Singapore


• Has captured 1.2% market share of the overall in the General Insurance Industry in India.

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 employees for 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.” 

Digit Insurance forays into Bancassurance with Karur Vysya Bank to offer Tech-enabled Customized Products for SMEs

Digit Insurance, one of the fastest-growing general insurance companies in the world, that is on a mission to make insurance simple, has today announced their ‘First Bancassurance Tie-up’, with Karur Vysya Bank, a bank that has a legacy of 100+ years with 750 plus branches spread across India.

Speaking on the tie-up, P R Seshadri, MD & CEO, Karur Vysya Bank said, ‘We found a lot of synergies between our bank and Digit Insurance in our approach to meeting customer expectations.  Together, we are looking forward to delivering innovative products like the ones aimed for catering insurance needs of SMEs. We are sure that our customers will get the best attention from Digit in terms of pricing and settlements.'

Equally looking forward to their first Bancassurance tie-up, Kamesh Goyal, Chairman of Digit Insurance said, ‘Karur Vysya Bank combines traditional legacy with a digital approach, making them great partners for us to foray into Bancassurance. They have a strong customer base of Small & Medium Enterprise (SME) customers and that is one segment which is hugely underinsured in India. Therefore, this tie-up will help us reach out to the SMEs in India with our innovative solutions that can also help such SMEs to cover for business interruption & loss with a fixed benefit, beyond the regular coverage available in the market. Under our mission of simplicity, the end customer will experience a seamless process as we will be having a customized API for KVB and our tie-up.'

This is Digit Insurance’s first Bancassurance tie-up and a part of their strategy to expand their customer base, with new demographics and customer segments that KVB has to offer. For KVB, this is the first insurance collaboration specifically aimed for their SME segment.

About Digit Insurance: 

Digit is a new-age general insurance company started by Kamesh Goyal and backed by Canadian billionaire Prem Watsa’s Fairfax group, one of the largest financial services groups in the world which has operations in over 30 countries. The Company has raised funding amounting to $140 million from Fairfax Group. Headquartered in Bengaluru, Digit has successfully partnered with some of the leading companies, such as PayTM, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar and Tanishq. Digit Insurance has been ranked #5 among the most attractive start-ups to work for in India by Linkedin in 2018 and is featured in CB Insights’ top 250 fastest-growing fintech companies globally in 2018.

About Karur Vysya Bank:

Karur Vysya Bank was started in the year 1916 and today has a gamut of financial services, all under one roof, and service millions of customers across India. The bank innovates consistently to deliver value to its customers.  The app-based delivery of end-to-end digital processing of business and retails loans that offers in-principle sanction of the loans within a 15-minute window is the first and only one of its kind in the industry.